# WTI front-month settles negative

> May WTI futures settle at −$37/bbl as storage at Cushing fills.

- Date: 2020-04-20 · published 2020-04-20T12:00:00.000Z
- Category: macro · region US
- Page: https://feedsoft.ai/events/10-wti-front-month-settles-negative
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-04-21 | 5 | -58.6% | -8.0 | Collapsing pandemic-era demand left Cushing storage nearly full, so holders of expiring May WTI contracts had nowhere to take delivery and dumped them, driving settlement to −$37/bbl and directly causing the extreme 5-day decline. |
| WTI | 2020-04-21 | 5 | -55.8% | -6.5 | Collapsing pandemic-era demand left Cushing storage nearly full, so holders of expiring May WTI contracts had nowhere to take delivery and dumped them, driving settlement to −$37/bbl and directly causing the extreme 5-day decline. |
| WTI | 2020-04-21 | 1 | -49.4% | -7.1 | Cushing storage nearing capacity amid the COVID demand collapse forced May WTI holders to liquidate before expiry, driving the front-month settlement to −$37/bbl; the 1-day move ending 2020-04-21 directly reflects this supply-glut-driven contract dislocation and its spillover into the next contract. |
| DIESEL | 2020-04-20 | 1 | -12.7% | -4.1 | Same-day WTI settle at -$37/bbl signaled a storage-driven crude crash, pulling diesel futures lower via input cost and panic sentiment. |
| DIESEL | 2020-04-21 | 1 | -17.2% | -4.1 | The collapse of WTI to negative prices on 2020-04-20 reflected a severe COVID-driven demand shock and storage glut, which spilled over into refined products and triggered heavy selling in ULSD futures the next day. |
| DIESEL | 2020-04-21 | 1 | -16.3% | -3.8 | The collapse of WTI to negative prices on 2020-04-20 reflected a severe COVID-driven demand shock and storage glut, which spilled over into refined products and triggered heavy selling in ULSD futures the next day. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +3.7% | +0.1% |
| WTI | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | +0.4% | -3.0% |
| WTI | 2020-04-20 | [US oil prices turn negative as demand dries up](https://feedsoft.ai/events/4480-us-oil-prices-turn-negative-as-demand-dries-up.md) | -32.4% | +73.9% |
| WTI | 2023-07-31 | [WTI, Brent Notch 15% Monthly Gain on Tightening OPEC-Plus Supply](https://feedsoft.ai/events/35200-wti-brent-notch-15-monthly-gain-on-tightening-opec-plus-supply.md) | +2.8% | -0.4% |
| WTI | 2019-06-04 | [Oil bounces off four-month low, turns positive as stocks rally](https://feedsoft.ai/events/11311-oil-bounces-off-four-month-low-turns-positive-as-stocks-rally.md) | +0.1% | +10.7% |
| DIESEL | 2023-07-31 | [WTI, Brent Notch 15% Monthly Gain on Tightening OPEC-Plus Supply](https://feedsoft.ai/events/35200-wti-brent-notch-15-monthly-gain-on-tightening-opec-plus-supply.md) | +3.6% | +12.1% |
| DIESEL | 2021-10-25 | [DOE/EIA diesel price now up 30 cents in a month - FreightWaves](https://feedsoft.ai/events/44747-doe-eia-diesel-price-now-up-30-cents-in-a-month-freightwaves.md) | -2.2% | -10.1% |
| DIESEL | 2021-12-01 | [Omicron pushes oil prices to three-month lows \| OilNOW](https://feedsoft.ai/events/7523-omicron-pushes-oil-prices-to-three-month-lows-oilnow.md) | +8.0% | +15.2% |

## Sources

- Wikipedia: https://en.wikipedia.org/wiki/2020_Russia%E2%80%93Saudi_Arabia_oil_price_war
- Wikipedia: https://en.wikipedia.org/wiki/2020_stock_market_crash

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.