This is Exchanges at Goldman Sachs, where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm.

Oil prices have plunged to record lows even entering negative territory,

and today we're providing an update on that market in turmoil.

To share our latest analysis with you, this episode leverages a client call from our

Goldman Sachs research division featuring Jeff Curry, Damien Kervalan,

and Brian Singer from our Research Division

and Anthony Duel from Emia Commodity Trading

in our Global Markets Division.

The call was held on the morning of April 21st, 2020.

I hope you find it informative.

And now over to the moderator, Chris Hus, from our research division.

Thank you everybody for dialing in for getting another commodities call.

This one we're holding here in response to the negative prices we saw on WTR.

We're very pleased to have with us Jeff Curry, Jain Corvayon, and Brian Singer out of research,

well, that's being all off of our trading debt.

And they're going to discuss what we're seeing

and where we're going.

Let me kick it off to Jeff Curry.

Walk us to it. Great, thanks Chris. Good afternoon everyone. Good morning. I thought for the

structure of today's call, you call, I'll give some background around yesterday's events and take it down to a really basic level. I apologize for those of you that are more experts in commodities, but there's a lot of people in this call

that need some of the basics.

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