Coronavirus: Need Unemployment Help

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 21 April 2020

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

As I've said before, many of our listeners are in very fortunate positions, but not everybody. You'll hear what I mean as I read a gut wrenching email from Dan. When you feel like complaining, think of Dan and all the others who are struggling just to get by. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronovirus Market Update. We are recording this at
0:09.2	3.35 in the Oil, my friend, I feel like we should have the Beverly Hillbillies song playing in the background.
0:27.1	I'm really dating myself.
0:28.6	Crude oil prices turn negative.
0:30.9	I know, that's impossible, right? It isn't and here's why because
0:36.1	crude oil is a futures contract and so that means there are a series of contracts that are
0:41.5	traded. The one that is expiring Tuesday, which is now you're
0:46.3	waking up on Tuesday morning. So the one that's expiring today is the one that we're going to be talking
0:51.2	about. It's the one that was negative. It's the one that we're going to be talking about. It's the one that closed down
0:55.0	minus 30 something and that's insane, right? But it's not if you really think
1:00.6	about it. Two big aspects of the oil market. Number one is there's a
1:06.2	macroeconomic reason the price of oil is down dramatically and that is obviously that
1:12.4	there's no demand for energy, zero.
1:15.0	No one wants to drive anywhere, no one's taking flights, so the demand for all energy products
1:20.0	down.
1:21.0	That's why the price of oil has started going lower this year. Okay. On top of that, there was an agreement to curtail production earlier in the year, which then never came to fruition. So Saudi Arabia
1:35.7	and Russia were going to along with other OPEC nations cut production. They never
1:40.3	did it. Saudi pumped the heck out of its wells,
1:43.6	and man, the world was a wash in energy products,
1:48.0	just crazy.
1:49.5	Then once all the nations did get together
1:52.2	and agree to curtail production, kind of too late.
	...

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