On April 21, US crude oil prices plunged to below zero dollars for the first time. That means sellers, including oil producers, are paying buyers to take the commodity off their hands. The WTI contract for May fell almost $56 — a 306% decline — settling eventually at a discount of -$37.63 a barrel. The heavy selling comes as the COVID-19 pandemic dries up demand, leaving millions of barrels rapidly filling up storage space in the US. Hardly any buyers are willing to take delivery while airlines are suspended, and half the world’s population is under some type of lockdown.
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