US Oil Price Crash: Implications of Negative WTI

On 20 April 2020, a historic drop of oil prices occurred, as front-month Nymex West Texas Intermediate (WTI) futures contract dove into negative territory for the first time ever on 20 April. The May WTI contract settled at a record low, falling by $55.90 to -$37.63/bbl. May WTI established a low of -$40.32/bbl before the settlement. Discussing the implications of this event, Journal of Petroleum Technology (JPT) digital editor Trent Jacobs is live 1-on-1 with Rystad Energy Senior Oil Analyst Christopher Page.