Oil Plunges to a Multi-Decade Low

The stock market is down this morning, but the big news is from the oil pits. The price for oil has dropped to a 22-year low. At its low, the price for a barrel of oil was $10.53. As the old joke says, that’s not a bad price for a barrel.

The crash in the price of oil has been remarkable. There are two benchmarks for oil: West Texas Intermediate and Brent Crude. There’s an unusual gap between the two since Brent Crude is now much more. This suggests we have a problem with the storage of oil. American capacity is quickly running out.

Callie Cox points out an interesting stat. Last week, the Russell 3000 Growth Index rose 5.1% while the Russell 3000 Value Index lost 0.1%. That’s the biggest gap in nearly 20 years.

Tomorrow we have an earnings report from Stepan (SCL).

Posted by on April 20th, 2020 at 11:40 am


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