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BREAKING: US WTI Crude Goes Negative After Prices Nosedive

US WTI Crude Hits $0 a

Barrel, Goes Into Double Digit
Negative Territory © Flickr / Carsten ten Brink

NEWS
BUSINESS 15:18 GMT 20.04.2020 (updated 18:42 GMT 20.04.2020) Get short URL 12 39 2

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18:32 GMT'What?': Trump Mocks Biden &

The slump in prices comes as traders brace for continued fallout from Obama Online, Polarizes Social Media
Audience
the economic downturn caused by the coronavirus, which has shut down
most major economies around the world. 18:27 GMTNearly 37,000 US National Guard
Troops Support E orts to Fight COVID-19 -
Pentagon
West Texas Intermediate, one of the world's main oil benchmarks, hit its lowest price
ever in trading on the New York Stock Exchange on Monday, with futures for May 18:16 GMTUAE to Ramp Up Mars Mission
Preparations
delivery hitting $0 per barrel after 2 pm EST and going negative, to as low as -$34.87 per
barrel as of about 2:30 pm, according to market data. 17:58 GMT Shelter and Grave: The Story of
Hitler's Underground Bunker in Berlin -
Photos
If the situation doesn't turn around, the benchmark will be on track to its lowest-ever
close since the inception of futures trading in 1983. The previous lowest-ever close of 16:57 GMTUnidenti ed Forces Attack,
$10.42 was recorded on March 31, 1986, according to Jim Bianco of Bianco Research. Destroy US Hummer in Northeast Syria –
Reports

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Jim Bianco
@biancoresearch
RECOMMENDED
*OIL FALLS TO LOWEST SINCE APRIL 1986 IN NEW YORK
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Last $10.52 ...

Cushing OK storage, WTI delivery, is expected to run out of

storage in May. This has never been close to happening before.

When/if it happens, big parts of domestic production will be forced

to stop operations. twitter.com/biancoresearch…

Jim Bianco @biancoresearch Nord Stream 2 Project: Russian Pipe-

Currently the May Crude contract is $10.91, today's low (so far) was Laying Ship Reportedly on Its Way to
$10.77 Spanish Port
by Taboola
The lowest close ever, $10.42 on Mar 31, 1986
Second lowest close ever, $10.72 on Dec 10, 1998

Lowest intraday price ever, $9.75 on Apr 1, 1986 MULTIMEDIA

115 5:03 PM - Apr 20, 2020 PHOTO CARTOONS INFOGRAPHICS

66 people are talking about this

The unprecedented drop in prices is bad news for US shale producers, already battered
by the two month long global economic freeze caused by countries' response to the
COVID-19 crisis, and will impact other major exporters including Russia and Saudi
Arabia, increasing the speed at which those nations eat through their rainy day reserves.

Peacock in the Bar, Boar in the House:

Animals Claim Cities as People Stick to
RVFX musv Self-Isolation
@rvfxmusv

The Crude Oil has dropped over 50% within 24 hours. From the
past 4 months, the price of WTI crude has dropped about 84%.

This is a sign of bad global economy.

6:43 PM - Apr 20, 2020

See RVFX musv's other Tweets

The continued collapse comes in spite of the historic agreement by OPEC+ and partner
nations last week to cut oil output by some 9.7 million barrels per day (bpd) through
June.

Crude prices began their roller coaster ride of wild drops six weeks ago, after the fateful
OPEC+ meeting in Vienna on March 6, where Saudi and Russian energy ministers failed
to reach an agreement on how much to cut prices by amid the COVID-19 pandemic.
Riyadh added fuel to the re sale by announcing deep discounts on its April contracts
and promising to ramp up production by over 20 percent, from 9.7 million bpd to 12.3
million bpd. Russia and other countries followed suit in a bid not to lose market share,
sparking an unprecedented glut amid agging demand.

39 2

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All comments

PranSa
18:37 GMT 20.04.2020 | 1
Are Yankee tankers in thousands heading for the EU to supply them with Russian
alternative?

PutinTheHobbit
18:40 GMT 20.04.2020 | -5
lol, Russian budget gonna be peanuts soon. Love it

Leon Degrelle
18:54 GMT 20.04.2020 | -5
Last week Bloomberg had an article who saying that Putin lost.

centr
19:35 GMT 20.04.2020 | 10
Shale oil being the garbage that it is, does not stand a chance compared to crude
oil.

Holger Hahn
20:27 GMT 20.04.2020 | 7
One can only hope that this means the end to Fracking...

goldcamshaft
20:55 GMT 20.04.2020 | 4
I suspect that Shale will be bailed out by the government no matter how much it
takes. The government is not shy to take the citizens' money and plunk it on the
laps of "too big to fail" business ventures who produce "jobs". A preview was
recently seen when most of the 2.5 T dollars were scooped up by big businesses
and the lawmakers have to go again for another set of money for the small
businesses.

Dutchman in reply to PutinTheHobbit ( Show comment )

21:19 GMT 20.04.2020 | 4
PutinTheHobbit, I bed with you that the Russians can hold this for several years,
but the Yankees not. They are already broken. But that's all peanuts! The real
positive thing here is that the demand in the world for dollars will decrease on a
low level, so that nobody in the world will nance the US-de cit. And that's good
news for World Peace.

Steve
21:23 GMT 20.04.2020 | 1
Let money losing companies go bankrupt and reorganize. Stop throwing good
money after bad. The dollar is becoming worthless faster and faster the more
Fed bailouts occur.

kurkku1962
21:43 GMT 20.04.2020 | -3
If we can't sell black matter, we can sell zinc buckets.

Toadamatic
21:47 GMT 20.04.2020 | 1
How sad. Perhaps the CIA could supply Da'esh with a submarine or two in order
to torpedo oil tankers so as to create more petroleum demand.
====================================== That really is not a very humorous
observation as I am sure that option is on someone's table at the CIA
headquarters in Alexandria at this very moment.

PutinTheHobbit in reply to Dutchman ( Show comment )

21:48 GMT 20.04.2020
Dutchman, Our budget doesn't change for anything. Its nice to be the single
world superpower. Your president already said he would have to adjust budget
due to oil price. Russia's already puny gdp will shrink even more.

Toadamatic in reply to PutinTheHobbit ( Show comment )

21:50 GMT 20.04.2020 | 1
PutoTheHobbit, looking in my crystal ball, I foresee a giant spider in your future.
Better buy a glowing blue sword lol

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