Welcome to our exchanges at Goldman Sachs markets update for April 24th.

Each week we check in with leaders across the firm to get a quick take on what they're

watching in the markets.

I'm Jake Stewart, Globalhead of Corporate Communications watching in the markets. I'm Jake Stewart,

Global Head of Corporate Communications here at the firm.

And today's guest is Sarah Kiranen,

have America's commodity sales and CEO of our global commodities business

as part of our global markets division.

Welcome back to the program, Sarah.

Thank you very much. Things have changed since I was last year.

Yeah, we don't get to do it in person this time, well, but at least I can see your face so sorry it's hard to

escape conversation around oil everyone's watching the oil market this week in

particular what's the headline that you're following yeah I mean the headline is

the headline I think just the fact that the price settled at, you know,

negative 3763 on Monday, negative for the first time ever, is hugely important and kind of a paradigm shift from what we see in the fast.

Obviously commodity markets are about fundamentals but there are some some technical issues

around the oils markets. What's happening beneath the hood?

Explain the fundamental state of play here.

Yeah, so the fundamental story with what happened on Monday

was really the interplay of extreme weakness

in the physical crude market and the technical dynamics

of the market being very long going into the May contract

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