{"id":109652,"date":"2020-04-20T18:24:51","date_gmt":"2020-04-20T22:24:51","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=109652"},"modified":"2020-04-20T18:24:51","modified_gmt":"2020-04-20T22:24:51","slug":"us-oil-price-below-zero-for-first-time-in-history","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/us-oil-price-below-zero-for-first-time-in-history\/","title":{"rendered":"US oil price below zero for first time in history"},"content":{"rendered":"
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US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic left the world awash with oil and not enough storage capacity \u2014 meaning producers are paying buyers to take it off their hands.<\/p>

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West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel in a day of chaos in oil markets. The settlement price on Monday was -$37.63, compared to $18.27 on Friday. Traders capitulated in the face of limited access to storage capacity across the US, including the country\u2019s main delivery point of Cushing, Oklahoma.<\/p>\n

The collapse will be a blow to Donald Trump, who has gone to great lengths to protect the oil sector, including backing moves by Opec and Russia to cut production and pledging support for the industry.<\/p>

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The shale sector has transformed the US into the world\u2019s largest oil producer in the past decade, giving the president a foreign policy tool he has brandished as \u201cUS energy dominance\u201d, but which now faces a rapid decline. Negative prices are the latest indication of the depth of the crisis hitting the oil sector after lockdowns imposed in many of the world\u2019s major economies have sent crude demand tumbling by as much as a third, leaving the industry facing what Jefferies analyst Jason Gammel called \u201cthe bleakest oil macro outlook\u201d he had ever seen.<\/p>

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US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic left the world awash with oil and not enough storage capacity \u2014 meaning producers are paying buyers to take it off their hands. West Texas Intermediate, the US benchmark, traded as low […]<\/p>\n","protected":false},"author":3,"featured_media":109653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-109652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nUS oil price below zero for first time in history - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/us-oil-price-below-zero-for-first-time-in-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US oil price below zero for first time in history\" \/>\n<meta property=\"og:description\" content=\"US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic left the world awash with oil and not enough storage capacity \u2014 meaning producers are paying buyers to take it off their hands. 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