Oil Market In Turmoil As Equities Slump

An oil pumpjack operates in Signal Hill, south of Los Angeles, California on April 21, 2020, a day after oil prices dropped to below zero as the oil industry suffers steep falls in benchmark crudes due to the ongoing global coronavirus pandemic. Frederic J. BROWN / AFP.Oil-price turmoil gripped traders once more Tuesday, a day after US crude futures crashed below zero for the first time as the coronavirus crisis crippled global energy demand and worsened a supply glut.

Storage is a particularly big problem in the US where WTI oil is delivered at a single, inland point. In Europe, where Brent is the benchmark, there are several such points and their proximity to the sea allows some of it to be stored on tankers.This week’s massive sell-off came ahead of Tuesday’s expiry of the May contract. Most trading has now moved to the June contract, and May WTI was back in positive territory by the late European afternoon.

European benchmark Brent North Sea oil for June delivery tumbled to an 18-year low, before coming off worst levels in volatile deals. Oil markets have been ravaged this year after the pandemic was compounded by a price war between Saudi Arabia and Russia.

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