American oil is crashing because it has nowhere to go [CNNMoney.com]
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Source: CNNMoney.com
American oil is crashing because it has nowhere to go A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . London (CNN Business) The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude. What's happening: US oil prices plunged more than 28% to nearly $13 per barrel on Monday, their lowest level since 1999. The selloff can be attributed in part to market mechanics. The May futures contract for West Texas International, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility, UBS analyst Giovanni Staunovo told me. The June futures contract for WTI is trading close to $22 per barrel, but that's still more than 10% down on the day. Brent crude futures, the global benchmark, fell 3.8% Mo
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