Via Deutsche:
Monday’s remarkable session for oil still resonates through markets with the May WTI contract trading at -$37.63 per barrel at the end of the session. Although we’ve bounced since, this still marks yet another extraordinary chapter in the history of financial markets.
We thought it would be interesting to raid our long-term database to put the recent price of oil into some perspective. In nominal terms, it’s not a surprise to see that, over the 150 years for which we have data, there’s never been a negative price print before. This is stunning as it basically says that a barrel of oil earlier this week was effectively cheaper than it was in 1870. A period over which US inflation has risen +2870% and the S&P 500 +31746505% in total return terms.
