Oil Gaps Down, Low Demand, Storage Running Out

April 20th, 2020

Update: Oil Trading Negative

I thought there was a problem with the data. Nope. ZeroHedge is reporting it: Front-Month WTI Crude Crashes Below Zero For First Time Ever

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Update: Penny

Via: CNBC:

West Texas Intermediate crude for May delivery tanked 98%, or $18.04, to trade at 19 cents per barrel, its lowest level on record. At the session low, the contract traded at 1 cent. Meanwhile international benchmark, Brent crude, which has already rolled to the June contract, traded 6.3% lower at $26.30 per barrel. The June WTI contract, which expires on May 19, fell about 10% to $22.54 per barrel. The July contract was roughly 5% lower at $28 per barrel.

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Update: $1.25

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Update: $2.25

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Update: $3.04

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Update: $4.04

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Update: “Super Contango”

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Update: Largest WTI Price Decline on Record

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Update: $7.70

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Update: $10.42

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Update: $11.48

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Update: $12.43 [???] Oil production remains profitable in only three countries at these levels: Iraq, Iran and Saudi Arabia.

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$13.47 (NY Merc) as I post.

Madness.

Via: BBC:

The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3% to $14.74 a barrel on Monday.

The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.

US storage facilities are now struggling to cope with the glut of oil, weakening prices further.

Posted in [???], Collapse, Economy, Energy | Top Of Page

One Response to “Oil Gaps Down, Low Demand, Storage Running Out”

  1. jakdmsy says:
    April 20, 2020 at 5:41 am

    I think I’ve used approximately two gallons of gas since this whole thing started 5 weeks ago

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