Over 36% fall in one day is impressive at all levels, even more so if we take into account that this is happening at the moment in the price of oil (WTI), pushing the price of this important asset to $10.65 per barrel in the oil contract. May, what continues today this way will give the biggest loss of value ever for WTI. The reasons are simple, despite the agreement for a historic reduction in production by OPEC +, the fact is that this is not enough to eliminate the surplus that exists at this stage in the market, since the world has stopped, not entirely, but a large part, which implies a brutal change in consumption, not only in mobility, but also in factories and industries that use the asset as a by-product.
However, it should be noted that at least for now this pessimism in the price of “black gold” is more localized in the short term, since for the June contract the fall is much smaller and the value of each barrel is at $ 22.5, which leaves anticipating an expectation of a return of global economic activity until then, as well as the effect of cuts in production, that is, the fact that storage space is very scarce is causing the huge price inequality between the dates. Especially since in the energy sources of the S&P500 the selling pressure is not so strong, with a slide of -2.58%, lower until the devaluation of -2.68% that is registered in real estate.
