Brent for June delivery BRN00, -17.56% fell over 20% on Tuesday, as traders continued to react to the shock of seeing the May light sweet crude contract CLK20, +77.54% go negative on Monday. The June WTI contract CLM20, -21.48% also was under pressure on Tuesday morning.
"When oil turns into a negative-yielding asset, that's a signal that the imbalance between supply and demand has reached a crescendo so great that producers are losing money to get oil off their books. And speculators are playing a game of 'musical chairs' to see who ends up holding those contracts at the end," said Marios Hadjikyriacos, investment analyst at XM.
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