1.A negative oil price is for the first time in history, and it unthinkably deviate from the past seasonality. What do you think is the reason leading to this oil price crash?

a.Does Covid-19 relate to Oil price? (1 mark)

b.What are the choices of futures buyer near the last trading day in delivery month? What does it mean that futures seller market corner the futures buyer? (1 mark)

c.Can oil producer reduce their production or even close the well and reopen it later? (1 mark)

d.1933 Wisconsin milk strike, resulting in the dumping of the milk. What are the difference between Crude oil and milk? (1 mark)

e.Who is going to pay for the delivery cost? Who is going to pay for the storage cost after the delivery? How does it affect WTI oil futures price and spot price? (2 mark)