Finance
Why Oil at Negative $100 Isn’t a Crazy Bet Anymore
- It’s likely only a matter of time before oil storage runs out
- That could drive prices globally into negative territory
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Orbiting hundreds of miles above the Earth, the Sentinel-1 satellites are the eyes in the sky that show why U.S. oil prices dropped below zero and why much of the world is likely to follow.
The satellite bounces radar signals off the massive metal tanks that store oil and that data is used to calculate how much crude is inside. It’s coming back with an alarming message: oil storage is running out.