COVID Impact Journal

28 thoughts
last posted May 7, 2020, midnight

20 earlier thoughts


The big impact everyone is discussing today is that oil futures contracts for May 2020 (and only May) are below $1/barrel or even negative. This apparently has to do with today being some kind of due date; if you hold the contract beyond today you’ll be required to take physical delivery of the oil, and (for now) no one wants it.

However, this is not much of a felt impact for me and a lot of people, for the same reason that is causing the plummeting oil prices: we don’t drive much anymore. Also, neither I nor anyone I know works in the oil industry.

7 later thoughts