Important information on #CL trade On April 20, the price of Light Sweet Crude Oil (WTI) futures for May delivery saw a historic
On April 20, the price of Light Sweet Crude Oil (WTI) futures for May delivery saw a historic plunge to the level of 0 USD and even below it due to the current global economic events. In the course of trading on the exchanges, the price tumbled to as low as -$40.32 per barrel. It was the steepest fall in oil quotes on record.
InstaForex offers its clients the #CL trade. This is a futures contract without an expiry date based on the front-month WTI futures. The sudden crash in oil prices has caught our clients completely off guard.
To protect clients' deals from staggering losses, InstaForex decided to stop CL trade and close all clients' positions since most of them were the long deals.
As a gesture of goodwill, the company also closed clients' short deals at 0.07, the last available quote on the trading platforms. All long positions will be closed at a higher quote 2.00. It means that we closed short deals on oil at 1.93 USD lower than buy positions. We hope that these measures will help those who have incurred big losses due to the collapse of oil futures quotes.
#CL trade will be resumed on April 22 with the June contract.
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Market situation with #CL futures
Offering our customers CFD trading on the front-month WTI (Light Sweet Crude Oil) futures contract that has a ticker symbol #CL, we constantly monitor the market situation.
Important notice
Please note that due to Good Friday celebration in the USA on April 10, 2020, the changes in trading hours will be applied
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