{"id":52663,"date":"2020-04-20T08:41:23","date_gmt":"2020-04-20T13:41:23","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52663"},"modified":"2020-04-20T08:41:30","modified_gmt":"2020-04-20T13:41:30","slug":"futures-plunge-as-wti-crashes-by-most-on-record-tumbling-to-11-per-barrel","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52663","title":{"rendered":"Futures Plunge As WTI Crashes By Most On Record, Tumbling To $11 Per Barrel"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/markets\/futures-plunge-wti-crashes-most-record-tumbling-11-barrel\">Futures Plunge As WTI Crashes By Most On Record, Tumbling To $11 Per Barrel<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices crashed the most on record with the May WTI futures contract hitting its lowest level since 1999,&nbsp;<strong>plunging as low as $11 or down 38%,<\/strong>&nbsp;as nobody wants to take actual physical storage amid widespread fears crude storage will soon be full; meanwhile companies prepare to report the worst quarterly earnings since the financial crisis, while tens of thousands of people continue to get sick every day with the coronavirus.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/wti%204.20.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">While Brent was only down $1.12, or 4%, at $26.96 a barrel on Monday morning, the carnage took place in the landlocked WTI, whose May contract fell $5.70 to its lowest since March 1998 though the sell-off was exaggerated by the contract\u2019s Tuesday expiry because no one wants to be left long to take delivery as there is nowhere to put the physical product. In any case,&nbsp;<strong>the 37% drop was the biggest one-day drop on record!<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/WTI%201%20day%20change.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;The May contract is set to expire tomorrow and the bulk of the open interest and volume is already in the June contract,\u201d said ING\u2019s head of commodities strategy, Warren Patterson.&nbsp; To be sure, the June contract, which is more actively traded, fell only $2.18, or 8.7%, to $22.85 a barrel, sending the prompt spread to a record $11\/barrel.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-04-20.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Not helping oil was an interfax report that Russia\u00a0<strong>increased<\/strong>\u00a0oil output by almost 1% in the last 3-days. While the OPEC+ deal comes into effect on May 1st, Russia is not bound by the pact to reduce its output until then; and &#8211; it appears &#8211; Moscow is looking to make the most of the next 10 days, even if it means sending the front-end to zero.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Futures Plunge As WTI Crashes By Most On Record, Tumbling To $11 Per Barrel Oil prices crashed the most on record with the May WTI futures contract hitting its lowest level since 1999,&nbsp;plunging as low as $11 or down 38%,&nbsp;as nobody wants to take actual physical storage amid widespread fears crude storage will soon be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1849,592,25704,694,1451,4318],"class_list":["post-52663","post","type-post","status-publish","format-standard","hentry","category-economics","tag-financial-markets","tag-oil-price","tag-opec-2","tag-russia","tag-west-texas-intermediate","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52663"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52663\/revisions"}],"predecessor-version":[{"id":52664,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52663\/revisions\/52664"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}