Loading…
NYMEX June crude fell 43% to settle at $11.57 per barrel after dipping to $6.50, as storage continued to fill amid weak demand from the coronavirus outbreak. ICE June Brent settled at $19.33, and the Texas Railroad Commission delayed its mandatory production cut decision until May 5.
Demand collapse and delayed production cuts keep storage pressure building, signaling further bearish crude pricing. Lower energy prices reduce biofuel economics and feed-linked input costs.
spglobal.comJordan Blum, with Laura HuchzermeyerApr 21, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
On 2020-04-21 NYMEX June crude fell 43% as storage filled and ICE June Brent settled at $19.33, directly describing the day's collapse via a supply glut and weak demand.
On 21 April NYMEX June crude fell 43% and ICE June Brent settled at $19.33 as storage filled, directly driving the final leg of the Brent decline.
