# Oil price crashes into negative territory for the first time in history amid pandemic

> US crude oil futures settled below zero for the first time in history on Monday, closing at minus $37.63 a barrel. Traders paid to offload barrels amid a coronavirus-driven supply glut and full storage concerns.

- Date: 2020-04-20 · published 2020-04-20T12:00:00.000Z
- Category: macro · region US · magnitude high
- Page: https://feedsoft.ai/events/4478-oil-price-crashes-into-negative-territory-for-the-first-time-in-history-amid
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A negative benchmark price signals extreme demand destruction and storage stress across energy markets. This pushes down energy costs and related biofuel and feedstock economics, with broad downward pressure on commodity prices.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-05-11 | [The oil crash couldn’t have come at a better time for India’s rupee](https://feedsoft.ai/events/53410-the-oil-crash-couldn-t-have-come-at-a-better-time-for-india-s-rupee.md) | +19.0% | +54.4% |
| WTI | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | +37.1% | -32.8% |
| 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 | 2017-05-06 | [Crude prices fall amid high inventories and concerns over China \| The National](https://feedsoft.ai/events/11195-crude-prices-fall-amid-high-inventories-and-concerns-over-china-the-national.md) | +3.5% | +2.5% |
| WTI | 2020-02-24 | [Oil slides into bear market territory, posting worst day in more than a month](https://feedsoft.ai/events/7115-oil-slides-into-bear-market-territory-posting-worst-day-in-more-than-a-month.md) | -16.0% | -61.7% |

## Sources

- reuters.com: https://www.reuters.com/article/business/oil-price-crashes-into-negative-territory-for-the-first-time-in-history-amid-pan-idUSKBN2210V8/

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