USOIL bottoms fall out dropping below $0 (ZERO)

Why did USOIL trade below $0
-Russia/Saudi Arabia spat over production cuts
-OPEC requesting and demanding production cuts but it's overnight and not guaranteed to be mandated
-As COVID-19 keeps consumers at home with travel bans and restrictions, there is virtually no demand for oil (limited to no flights, limited to no driving)
-Oil inventory and stockpiling has reached full capacity - in other words, Oil producers have no space left to store unwanted and unused oil at this time.

Is below $0 an extreme case? Most definitely, yes. But, we are witnessing extremes and uncertainties unlike any other.

FX and Futures traders may experience price gaps in the coming hours and days as the markets attempt to price in how to effectively navigate what this means for movement. This is not a time for panic, but rather a time to review positions and make equity mgmt and risk appetite a priority. Oil's slide may be a sneak peek of what's to come with the stock market this week. Be smart and pragmatic with decisions and follow price action.

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