- And now, unprecedented oil prices, as the WTI crude price marker slipped into negative territory for the first time ever.
- This had the same effect, though different contributing factors in 2019, when WTI prices were depressed because demand was high but pipeline capacity was insufficient to carry crude to refining centres along the US Gulf Coast, creating a shale glut.
- However, further WTI futures contracts for June and beyond, are still trading at a far more normal range of US$20-30/b; there is still enough time for demand to recover (or for more storage to be found) for these contracts.
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