A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, US November 22, 2019. — Reuters pic
By investing in longer-dated contacts, the fund’s move put pressure on the June contract, analysts said. “I am sure they are not the only ones that have learned the lessons of last week and opted to avoid another episode in the coming weeks. WTI tanked below zero for the first time last week, hitting a low of minus US$40.32 per barrel on April 20 as investors scrambled to offload it before the expiry of the May contract — but could not readily find buyers with sufficient places to store crude.
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