Samsung S&P GSCI Crude Oil ER Futures ETF has lost 45% in HK today
- the biggest decline & to its the lowest level since trading began in May 2016
Samsung Asset Management (Hong Kong) manages the fund
- fund will sell its entire holdings of June oil contracts and buy September contracts.
- warned that in a "worst case scenario," the net asset value of the fund may drop to zero and investors may suffer "a total loss" of their investments
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Earlier on oil:
- Oil - OPEC+ ministers conference call on Tuesday - no agreement on what to do
- More on oil - grim outlook
- Goldman Sachs on oil - see a 'violent rebalancing' in weeks, not months
- USO ETF reveals it closed at a 36.4% premium to NAV
- Here's a new normal - CME will list oil options with a negative strike price
If you'd like to check out the picture in Singapore, FT have this:
- The collapse of one of Singapore's biggest oil traders has raised the prospect of a severe liquidity crunch in the city-state's under-pressure commodities sector, threatening a wave of defaults and bankruptcies.
