Trump Tweets for Funds for Energy Companies
Investing.com
Published Apr 21, 2020 10:14AM ET
By Kim Khan
Investing.com - President Donald Trump tweeted Tuesday that he has instructed members of his cabinet to come up with a plan to get money to U.S. oil and gas companies.
“We will never let the great U.S. Oil & Gas Industry down,” Trump tweeted “I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!”
The U.S. crude front-month futures contract fell into negative territory for the first time in history yesterday as holders faced limited demand and increasing costs for storage.
WTI for May managed to get back into the green today, at $1.38 per barrel.
But the June WTI contract faced heavy selling pressure, down 28% to $14.75.
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