There Are No More Crude Buyers Due to Coronavirus, "Demand Destruction": Mizuho's Yawger

The transcript discusses the oil market's potential for negative trading due to external factors like COVID-19 and the Texas Commission's decisions. It highlights the demand destruction caused by the pandemic, leading to a lack of buyers and storage challenges. The discussion also covers the Texas Railroad Commission's role and the limited impact of their decisions on the market. The situation is fast-moving, with no consensus on solutions, and storage is nearing capacity, posing significant challenges.

What historical event is anticipated in the oil market due to external factors?

• Oil prices reaching an all-time high

• Oil contracts trading at negative values

• A new oil reserve discovery

• A sudden increase in oil demand

What is the primary reason for the lack of buyers in the oil market?

• Demand destruction due to coronavirus

• Increased oil production

• Government regulations

• High oil prices

What challenge is expected with June crude oil?

• Increased demand

• Price stabilization

• Similar demand destruction as May

• New government policies

What is one of the alternatives if oil storage reaches maximum capacity?

• Storing oil on railroad carriers

• Reducing oil production

• Burning excess oil

• Increasing oil prices

What is the Texas Railroad Commission's current stance on oil quotas?

• All commissioners support quotas

• All commissioners oppose quotas

• The commission has not discussed quotas

• One commissioner supports quotas, others abstain or oppose