US Oil Prices Fall Below $0 Per Barrel For The First Time In History
The great oil crash is here as US oil prices turned negative for the first time ever yesterday.
Crude finished at -$37.63 a barrel, marking the only time it has gone below zero since oil futures began trading on NYMEX in 1983.
Oil producers are finding themselves in a position of having an excess supply of barrels and are paying buyers to take the commodity off their hands over growing fears that the world is running out of space to store them.
Source: Refinitiv
The drop in gasoline consumption is a direct result of the COVID-19 pandemic and subsequent stay-at-home orders which have had global economic ramifications and resulted in an oversupply of crude oil that drove prices lower.
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