Economic crisis coming up?

[jaichind]

https://www.bloomberg.com/news/articles/2020-03-27/one-corner-of-u-s-oil-market-has-already-seen-negative-prices

The first crude stream to turn upside down was Wyoming Asphalt Sour, a dense oil used mostly to produce paving bitumen. Mercuria Energy Group Ltd., a trading house, bid negative 19 cents per barrel in mid-March for the crude, effectively asking producers to pay for the luxury of getting rid of their output.

[jaichind]

The PRC Composite PMI for March surged back to 53.0 after calling to a record low of 28.9 in Feb which indicating an expanding manufacturing and non-manufacturing sectors. At least according to official statistics the PRC economy if coming back to life after the Feb deep freeze.

Of course April PMI numbers will be more critical as that will take into account that the rest of the world are moving into an economic lockdown which will clearly hit demand for PRC goods and services.