Executive Summary
- Oil prices turned negative for the first time in history on April 21, 2020
- The West Texas Intermediate (WTI) crude for May delivery fell more than 100% to end the day at negative $37.63/barrel, meaning producers would pay traders to take the oil off their hands.
- The drastic price plunge was due to a combination of plummeting demand, lack of storage capacity in the US and more importantly the nature of the oil futures markets
