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The front-month May WTI benchmark fell $5.40, or 29.5%, to just under $13 per barrel, its lowest since March 1999. European Brent dropped 5% to $26.60 as global storage facilities neared full capacity.
Storage constraints and excess supply versus weak demand point to continued bearish crude prices, which can weigh on energy-linked agricultural input and biofuel values.
reuters.comMarc JonesApr 20, 2020Not 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.
Brent fell 5% to $26.60 on 20 April as global storage neared full capacity, a day within the window that worsened the glut narrative.
Apr 20 WTI crash and Brent drop to $26.60 as storage neared capacity set up the next-day Brent plunge, as the front-month contract roll amplified the move.
