The coronavirus pandemic is weighing more on the oil market than the price dispute between OPEC and its allies, RBN Energy CEO Rusty Braziel told CNBC’s Jim Cramer Monday.
RBN Energy is a privately held energy commodities analytics company based in Houston that plays a role between physical markets and financial markets.
“I would say that, just off the top of my head, 15% of this is Saudi Arabia and Russia and 85% of it is Covid,” he said in a “Mad Money” interview referring to Covid-19, the disease caused by the novel virus that has put the global economy on ice.
The comments came after oil futures turned negative for the first time in history. The May futures contract, which expires Tuesday, shred all