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WTI oil prices dropped due to expiration of futures, packed storages — analysts

Analysts say that the WTI futures were deliverable

MOSCOW, April 21. /TASS/. Monday’s plunge of WTI oil futures was caused by the approach of the expiration date and packed storage facilities, the Russian Analytical Credit Rating Agency (ACRA) said.

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"Prices for WTI oil plunged by more than 300%, into the negative zone. This situation was caused by the approaching expiration date for WTI oil - April 21 - and the lack of storage capacities," ACRA said in a comment.

Analysts say that the WTI futures were deliverable. Normally, prior to the expiration date, hedgers buy out contracts. However, this time oil producers who sold the futures in order to mitigate their risks, decided not to buy them out and are ready to deliver oil at any price, because their storages are full, and they have already received their income by selling their futures contracts in time.

"As a result, speculators cannot sell futures back to hedgers. At the same time, they don’t need oil, and they are ready to pay extra to have it taken from them. This situation on the financial market is called a ‘corner,’" the ratings agency said.

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