U.S. one-month crude futures went below zero for the first time ever. The slump is partly driven by technical factors, but the wider panic couldn’t be any more real, writes gfhay.
The May U.S. crude future contract fell over 200%, going negative and hitting its lowest on record on April 20 as storage capacity for oil in the U.S. state of Oklahoma filled up. The storage hub in the region is expected to hit maximum capacity in just two weeks at the current rates, according to Reuters.
Four weeks ago available storage space at the Cushing, Oklahoma hub, where physical delivery of U.S. oil barrels bought in the futures market takes place, was half full, Reuters reported. Now it is 69% full, according to U.S. Energy Department data.
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