# NYMEX WTI settles in negative territory for first time ever amid lack of storage

> The NYMEX May WTI front-month contract settled at minus $37.63 per barrel, the first negative settlement ever, as Cushing storage neared capacity and traders were forced to exit positions before expiration. The prior record low settlement was $10.42 in 1986.

- Date: 2020-04-20 · published 2020-04-20T12:00:00.000Z
- Category: market · region US · magnitude high
- Page: https://feedsoft.ai/events/5315-nymex-wti-settles-in-negative-territory-for-first-time-ever-amid-lack-of-storage
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Lack of physical storage at the delivery point forced liquidations, signaling severe oversupply in crude markets. This bearish shock also spills into energy inputs and feed-linked costs such as diesel and freight.

## Read by commodity

- WTI: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DIESEL | 2020-04-20 | 1 | -12.7% | -4.1 | Record negative May WTI settlement on 2020-04-20 due to full Cushing storage drove an input-cost and sentiment collapse that dragged ULSD futures down sharply the same day. |
| DIESEL | 2020-04-24 | 5 | -28.6% | -7.0 | The first-ever negative WTI settlement on April 20 cut crude input costs and set off a sentiment-driven selloff across the energy complex, including ULSD. |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/042020-oil-futures-nymex-wti-falls-below-5b-to-all-time-record-low

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