And there it is... May WTI just traded below zero for the first time ever (trading below NEGATIVE $40 per barrel)... There was a small bid right into the settlement at 1430ET leaving the May contract to settle at negative $37.63. May is down over 300% today... and June is down 18%.
H/T: Zero Hedge
DEVELOPING: US oil futures fell below $0 on Monday for the first time in history. https://t.co/cxbtg6Xlfq— NBC News (@NBCNews) April 20, 2020
Here's The Next Problem: Where Do 100 Million Oil Barrels Get Delivered... And What Happens Next Month? https://t.co/MIJqxxEMad— DeepClips (@DeepClips) April 20, 2020
Breaking: Oil prices have plunged below zero as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it. https://t.co/wEUA2Ynib3— The Sydney Morning Herald (@smh) April 20, 2020
US oil price plunges below zero for first time in history https://t.co/0RYn7z876W— SkyNews (@SkyNews) April 20, 2020