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Crude Oil Price in the US: Moving Towards Uncertainty |
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INTRODUCTION |
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| On April 20, 2020, the market prices of West Texas Intermediate (WTI) crude oil turned negative for the first time in history, closing the day at US$-37.63 a barrel. The price plunged due to a nationwide lockdown in the US to contain the COVID-19 outbreak that squeezed the demand for oil even as supply remained high. The COVID-19 pandemic and subsequent travel restrictions had compelled people to stay at home. As the pandemic brought the US economy to a standstill, refineries and airlines stopped buying oil due to lack of storage capacity. There was so much oil available in the country that American energy companies lacked sufficient space to store it. The overproduction of crude continued and there was almost no place left to store it. Fuel consumption across the globe also fell as people stayed at home due to the pandemic. ..
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