# Sharp selloff in oil as world runs out of storage space

> Crude extended its slide below $11 a barrel after the United States Oil Fund sold all its June WTI contracts, widening the July spread. US producers began delivering crude to the emergency stockpile as storage ran out, and South Korea and Singapore faced congested storage. Oil has fallen more than 80% this year as coronavirus demand collapsed.

- Date: 2020-04-28 · published 2020-04-28T12:00:00.000Z
- Category: macro · region Global · magnitude high
- Page: https://feedsoft.ai/events/4147-sharp-selloff-in-oil-as-world-runs-out-of-storage-space
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Storage exhaustion and collapsing demand point to deep energy price weakness, which lowers biofuel feedstock values and weighs on agricultural commodity prices. Lower diesel and fuel costs also reduce freight expenses for feed.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-05-04 | 5 | +35.3% | 4.0 | The April 28 storage-driven slump below $11 set a very low base, so the subsequent rebound produced a large percentage move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-22 | [Why oil is still most important price in the world](https://feedsoft.ai/events/53844-why-oil-is-still-most-important-price-in-the-world.md) | +33.7% | +249.4% |
| WTI | 2024-09-18 | [Oil prices fall as Fed rate cut stirs economic worries, storage report mixed \| Reuters](https://feedsoft.ai/events/28482-oil-prices-fall-as-fed-rate-cut-stirs-economic-worries-storage-report-mixed.md) | +0.3% | -1.2% |
| WTI | 2025-10-01 | [Oil settles lower as investors brace for possible OPEC+ output hike](https://feedsoft.ai/events/23036-oil-settles-lower-as-investors-brace-for-possible-opec-output-hike.md) | -1.0% | -3.5% |
| WTI | 2018-10-23 | [Canadian dollar shakes off plunge in oil as investors brace for BoC rate hike - The Globe and Mail](https://feedsoft.ai/events/62779-canadian-dollar-shakes-off-plunge-in-oil-as-investors-brace-for-boc-rate-hike.md) | -3.2% | -17.6% |
| WTI | 2022-11-22 | [Oil prices retreat as investor sentiment darkens](https://feedsoft.ai/events/38849-oil-prices-retreat-as-investor-sentiment-darkens.md) | -2.1% | -4.7% |
| BRENT | 2024-09-18 | [Oil prices fall as Fed rate cut stirs economic worries, storage report mixed \| Reuters](https://feedsoft.ai/events/28482-oil-prices-fall-as-fed-rate-cut-stirs-economic-worries-storage-report-mixed.md) | +1.5% | -0.2% |
| BRENT | 2025-10-01 | [Oil settles lower as investors brace for possible OPEC+ output hike](https://feedsoft.ai/events/23036-oil-settles-lower-as-investors-brace-for-possible-opec-output-hike.md) | -2.2% | -5.2% |
| BRENT | 2022-11-22 | [Oil prices retreat as investor sentiment darkens](https://feedsoft.ai/events/38849-oil-prices-retreat-as-investor-sentiment-darkens.md) | -5.2% | -8.2% |

## Sources

- biznews.com: https://www.biznews.com/briefs/oil-selloff-world-storage-space

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