Wall Street Rethinks What’s Possible in Week Oil Went Negative

Wall Street Rethinks What’s Possible in Week Oil Went Negative

But futures for West Texas crude were already at the lowest since 2002 -- lopping another year off that is hardly a big deal.. Futures for the S&P 500 are down, but the underlying gauge posted a big gain Friday and is now up 28% from a low last month.. Asian shares also lean lower, and it's drifty across both bond and currency markets.. The means whoever is holding the note on Tuesday will take delivery of oil next month -- and not only does nobody want oil right now, there aren't many places left to put it.. At about 2 p.m. in New York, the expiring May contract drops below zero.. Read more: Oil Plunges Below Zero for First Time in Unprecedented Wipeout. Whatever the technical reasons temporary, the rules of the financial market game just changed: The May contract for WTI has closed at minus $13.10 .. Asian shares show modest weakness, and U.S. futures are slightly higher.. The crash is spreading beyond the front month contract, and beyond oil too.. Read more: Stocks Are Finally Feeling the Fear That's Hitting Other Markets. After everything, after sparking turmoil across major risk assets, the May contract for