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Oil price crashes into negative territory

Forex
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Oil price crashes into negative territory

Oil price crashes into negative territory for the first time in history amid pandemic

Oil prices fell off sharply to new lows mid Monday after the price for a barrel of West Texas Intermediate (WTI) crude, the benchmark used for pricing, fell to negative $36.20 a barrelThe coronavirus pandemic has severely reduced oil demand around the world due to excess decline in airline, car, shipping and trucking traffic as well as manufacturing production for the commodity.

The price crash is the latest indication of the depth of the crisis hitting the oil sector. Lockdowns imposed in many of the world’s major economies have sent crude demand tumbling by as much as a third, leaving the industry facing what Jefferies analyst Jason Gammel called perhaps “the bleakest oil macro outlook” he had ever seen. The commodity has fallen over the past week even after OPEC and its allies agreed to a historic production cut intended to backstop prices.
In fact, as Putin said it, certainly since 2004. He actually signals 2004 as a time where there was a decision made in Russia that you couldn’t talk to the Americans and we’re just going to have to go ahead and build some weapons to make it clear to them that there’s no possible advantage they can gain from missile defenses.

The WTI market has entered contango, meaning spot prices are lower than prices for future delivery of crude oil — a highly unusual occurrence.

When oil prices are negative, it means traders holding oil futures are paying buyers to take it off their hands or risk having to take physical delivery of the oil, which most are incapable of doing. Oil is still a valuable commodity, but the selloff followed a huge oversupply in the market after major producers refused to lower their output creating fewer places to store the liquid.

WTI crude for May delivery has traded at large discounts to longer-dated contracts. That dynamic is playing out amid worry that a key storage hub in Cushing, Oklahoma, is nearing capacity, according to Bloomberg.

“Basically, bears are out for blood,” said Naeem Aslam, the chief market analyst at AvaTrade. “The steep fall in the price is because of the lack of sufficient demand and lack

of storage place given the fact that the production cut has failed to address the supply glut.”

He added: “The bottom line is that there is no doubt that oil prices are way oversold at the current level, but given the circumstances, it is likely that the price may continue to fall further because the rig count hasn’t touched its bottom yet.”

Oil prices and rig counts are strongly correlated. Higher oil prices make production more profitable, encouraging more producers to operate.

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    (a) the general categories of personal data that we may process;

    (b) in the case of personal data that we did not obtain directly from you, the source and specific categories of that data;

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    (d) the legal bases of the processing.

    2.2 We may process data about your use of our website and services (“usage data“). The usage data may include your IP address, geographical location, browser type and version, operating system, referral source, length of visit, page views and website navigation paths, as well as information about the timing, frequency and pattern of your service use. The source of the usage data is our analytics tracking system. This usage data may be processed for the purposes of analyzing the use of the website and services. The legal basis for this processing is consent OR our legitimate interests, namely monitoring and improving our website and services.

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    2.10 We may process information that you provide to us for the purpose of subscribing to our email notifications and/or newsletters (“notification data“). The notification data may be processed for the purposes of sending you the relevant notifications and/or newsletters. The legal basis for this processing is consent OR the performance of a contract between you and us and/or taking steps, at your request, to enter into such a contract.

    2.11 We may process information contained in or relating to any communication that you send to us (“correspondence data“). The correspondence data may include the communication content and metadata associated with the communication. Our website will generate the metadata associated with communications made using the website contact forms. The correspondence data may be processed for the purposes of communicating with you and record-keeping. The legal basis for this processing is [our legitimate interests, namely the proper administration of our website and business and communications with users.

    2.12 We may process any of your personal data identified in this policy where necessary for the establishment, exercise or defence of legal claims, whether in court proceedings or in an administrative or out-of-court procedure. The legal basis for this processing is our legitimate interests, namely the protection and assertion of our legal rights, your legal rights and the legal rights of others.

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    2.14 In addition to the specific purposes for which we may process your personal data set out in this Section 2, we may also process any of your personal data where such processing is necessary for compliance with a legal obligation to which we are subject, or in order to protect your vital interests or the vital interests of another natural person.

    2.15 Please do not supply any other person’s personal data to us, unless we prompt you to do so.

    3.  Automated decision-making

    3.1 We will use your personal data for the purposes of automated decision-making in relation to data gathered by google analytics.

    3.2 This automated decision-making will involve your general interests.

    3.3 The significance and possible consequences of this automated decision-making are allowing us to improve the usage of our website.

    4. Providing your personal data to others

    4.1 We may disclose your personal data to any member of our group of companies this means our subsidiaries, our ultimate holding company and all its subsidiaries insofar as reasonably necessary for the purposes, and on the legal bases, set out in this policy.

    4.2 We may disclose your personal data to professional advisers insofar as reasonably necessary for the purposes of managing risks, obtaining professional advice, or the establishment, exercise or defense of legal claims, whether in court proceedings or in an administrative or out-of-court procedure.

    4.3 Financial transactions relating to our website and services are OR may be handled by our payment services providers. We will share transaction data with our payment services providers only to the extent necessary for the purposes of processing your payments, refunding such payments and dealing with complaints and queries relating to such payments and refunds.

    4.4 We may disclose your enquiry data to one or more of those selected third party suppliers of goods and services identified on our website for the purpose of enabling them to contact you so that they can offer, market and sell to you relevant goods and/or services. Each such third party will act as a data controller in relation to the enquiry data that we supply to it; and upon contacting you, each such third party will supply to you a copy of its own privacy policy, which will govern that third party’s use of your personal data.

    4.5 In addition to the specific disclosures of personal data set out in this Section 4, we may disclose your personal data where such disclosure is necessary for compliance with a legal obligation to which we are subject, or in order to protect your vital interests or the vital interests of another natural person.

    5. International transfers of your personal data

    5.1 In this Section 5, we provide information about the circumstances in which your personal data may be transferred to countries outside the European Economic Area (EEA). Data on our website may be transferred to the United States, Ireland and Netherlands.

    5.2 The European Commission has made an “adequacy decision” with respect to the data protection laws of each of these countries. Transfers to each of these countries will be protected by appropriate safeguards, namely [the use of standard data protection clauses adopted or approved by the European Commission.

    5.3 The hosting facilities for our website are situated in the United States. The European Commission has made an “adequacy decision” with respect to the data protection laws. Transfers to the United States will be protected by appropriate safeguards, namely the use of standard data protection clauses adopted or approved by the European Commission.

    5.4 You acknowledge that personal data that you submit for publication (when available) through our website or services] may be available, via the internet, around the world. We cannot prevent the use or misuse of such personal data by others.

    6.  Retaining and deleting personal data

    6.1 This Section 6 sets out our data retention policies and procedure, which are designed to help ensure that we comply with our legal obligations in relation to the retention and deletion of personal data.

    6.2 Personal data that we process for any purpose or purposes shall not be kept for longer than is necessary for that purpose or those purposes.

    6.3 We will retain your personal data as follows:

    (a) personal data category or categories will be retained for a minimum period of 26 months following the subscriptions’ expiry and for a maximum period of 36 months following the subscriptions’ expiry.

    (b) financial transactions category or categories will be retained for a minimum period of 26 months following the subscriptions’ expiry and for a maximum period of 36 months following the subscriptions’ expiry

    6.4 In some cases it is not possible for us to specify in advance the periods for which your personal data will be retained. In such cases, we will determine the period of retention based on the following criteria:

    (a) the period of retention of personal data category will be determined based on subscription length.

    (b the period of retention of personal data category will be determined based on subscription’s expiration date.

    6.5 Notwithstanding the other provisions of this Section 6, we may retain your personal data where such retention is necessary for compliance with a legal obligation to which we are subject, or in order to protect your vital interests or the vital interests of another natural person.

    7.  Security of personal data

    7.1 We will take appropriate technical and organizational precautions to secure your personal data and to prevent the loss, misuse or alteration of your personal data.

    7.2 We will store all your personal data on secure servers, personal computers and mobile devices, and in secure manual record-keeping systems.

    7.3 The following personal data will be stored by us in encrypted form: your name, email address, username and password.

    7.4 Data relating to your enquiries and financial transactions that is sent from your web browser to our web server, or from our web server to your web browser, will be protected using encryption technology.

    7.5 You acknowledge that the transmission of unencrypted or inadequately encrypted data over the internet is inherently insecure, and we cannot guarantee the security of data sent over the internet.

    7.6 You should ensure that your password is not susceptible to being guessed, whether by a person or a computer program. You are responsible for keeping the password you use for accessing our website confidential and we will not ask you for your password except when you log in to our website.

    8.  Amendments

    8.1 We may update this policy from time to time by publishing a new version on our website.

    8.2 You should check this page occasionally to ensure you are happy with any changes to this policy.

    8.3 We may OR will notify you of changes OR significant changes to this policy by email.

    9.  Your rights

    9.1 In this Section 9, we have summarized the rights that you have under data protection law. Some of the rights are complex, and not all of the details have been included in our summaries. Accordingly, you should read the relevant laws and guidance from the regulatory authorities for a full explanation of these rights.

    9.2 Your principal rights under data protection law are:

    (a) the right to access;

    (b) the right to rectification;

    (c) the right to erasure;

    (d) the right to restrict processing;

    (e) the right to object to processing;

    (f) the right to data portability;

    (g) the right to complain to a supervisory authority; and

    (h) the right to withdraw consent.

    9.3 You have the right to confirmation as to whether or not we process your personal data and, where we do, access to the personal data, together with certain additional information. That additional information includes details of the purposes of the processing, the categories of personal data concerned and the recipients of the personal data. Providing the rights and freedoms of others are not affected, we will supply to you a copy of your personal data. The first copy will be provided free of charge, but additional copies may be subject to a reasonable fee.

    9.4 You have the right to have any inaccurate personal data about you rectified and, taking into account the purposes of the processing, to have any incomplete personal data about you completed.

    9.5 In some circumstances you have the right to the erasure of your personal data without undue delay. Those circumstances include: the personal data are no longer necessary in relation to the purposes for which they were collected or otherwise processed; you withdraw consent to consent-based processing; you object to the processing under certain rules of applicable data protection law; the processing is for direct marketing purposes; and the personal data have been unlawfully processed. However, there are exclusions of the right to erasure. The general exclusions include where processing is necessary: for exercising the right of freedom of expression and information; for compliance with a legal obligation; or for the establishment, exercise or defense of legal claims.

    9.6 In some circumstances you have the right to restrict the processing of your personal data. Those circumstances are: you contest the accuracy of the personal data; processing is unlawful but you oppose erasure; we no longer need the personal data for the purposes of our processing, but you require personal data for the establishment, exercise or defense of legal claims; and you have objected to processing, pending the verification of that objection. Where processing has been restricted on this basis, we may continue to store your personal data. However, we will only otherwise process it: with your consent; for the establishment, exercise or defense of legal claims; for the protection of the rights of another natural or legal person; or for reasons of important public interest.

    9.7 You have the right to object to our processing of your personal data on grounds relating to your particular situation, but only to the extent that the legal basis for the processing is that the processing is necessary for: the performance of a task carried out in the public interest or in the exercise of any official authority vested in us; or the purposes of the legitimate interests pursued by us or by a third party. If you make such an objection, we will cease to process the personal information unless we can demonstrate compelling legitimate grounds for the processing which override your interests, rights and freedoms, or the processing is for the establishment, exercise or defense of legal claims.

    9.8 You have the right to object to our processing of your personal data for direct marketing purposes including profiling for direct marketing purposes. If you make such an objection, we will cease to process your personal data for this purpose.

    9.9 You have the right to object to our processing of your personal data for scientific or historical research purposes or statistical purposes on grounds relating to your particular situation, unless the processing is necessary for the performance of a task carried out for reasons of public interest.

    9.10 To the extent that the legal basis for our processing of your personal data is:

    (a) consent; or

    (b) that the processing is necessary for the performance of a contract to which you are party or in order to take steps at your request prior to entering into a contract,

    and such processing is carried out by automated means, you have the right to receive your personal data from us in a structured, commonly used and machine-readable format. However, this right does not apply where it would adversely affect the rights and freedoms of others.

    9.11 If you consider that our processing of your personal information infringes data protection laws do alert us immediately to resolve the matter.

    9.12 To the extent that the legal basis for our processing of your personal information is consent, you have the right to withdraw that consent at any time. Withdrawal will not affect the lawfulness of processing before the withdrawal.

    9.13 You may exercise any of your rights in relation to your personal data via email.

    10.  Third party websites

    10.1 Our website includes hyperlinks to, and details of, third party websites.

    10.2 We have no control over, and are not responsible for, the privacy policies and practices of third parties.

    11.  Personal data of children

    11.1 Our website and services are targeted at persons over the age of 18.

    11.2 If we have reason to believe that we hold personal data of a person under that age in our databases, we will delete that personal data.

    Updating information

    12.1 Please let us know if the personal information that we hold about you needs to be corrected or updated.

    12.2 Every registered member has the ability to update his or her account without the need to contact us.

    13.  About cookies

    13.1 A cookie is a file containing an identifier (a string of letters and numbers) that is sent by a web server to a web browser and is stored by the browser. The identifier is then sent back to the server each time the browser requests a page from the server.

    13.2 Cookies may be either “persistent” cookies or “session” cookies: a persistent cookie will be stored by a web browser and will remain valid until its set expiry date, unless deleted by the user before the expiry date; a session cookie, on the other hand, will expire at the end of the user session, when the web browser is closed.

    13.3 Cookies do not typically contain any information that personally identifies a user, but personal information that we store about you may be linked to the information stored in and obtained from cookies.

    14.  Cookies that we use

    14.1 We use cookies for the following purposes:

    (a) authentication – we use cookies to identify you when you visit our website and as you navigate our website.

    (b) status – we use cookies to help us to determine if you are logged into our website.

    (c) personalization – we use cookies [to store information about your preferences and to personalize our website for you.

    (d) security – we use cookies as an element of the security measures used to protect user accounts, including preventing fraudulent use of login credentials, and to protect our website and services generally.

    (e) analysis – we use cookies to help us to analyze the use and performance of our website and services.

    (f) cookie consent – we use cookies to store your preferences in relation to the use of cookies more generally.

    Cookies Notification. We use cookies to personalize content, to provide social media features, to analyse our traffic and to provide you with the best online experience. You consent to our cookies if you continue to use our website.

    A cookie is a file containing an identifier (a string of letters and numbers) that is sent by a web server to a web browser and is stored by the browser. The identifier is then sent back to the server each time the browser requests a page from the server.

    Cookies may be either “persistent” cookies or “session” cookies: a persistent cookie will be stored by a web browser and will remain valid until its set expiry date, unless deleted by the user before the expiry date; a session cookie, on the other hand, will expire at the end of the user session, when the web browser is closed. Cookies do not typically contain any information that personally identifies a user, but personal information that we store about you may be linked to the information stored in and obtained from cookies.

    The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission.

    This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages. You can at any time change or withdraw your consent from the Cookie Declaration on our website.

    Your consent applies to the following domains: www.fxmindbuilders.com