# Chaotic overnight crude oil mart sends RM lower at opening

> The ringgit opened lower against the US dollar after a chaotic overnight crude session in which WTI May futures fell to minus US$40.32 per barrel. Storage saturation forced sellers to pay buyers to take barrels. Analysts warned that continued crude pressure would add downside risk to the ringgit.

- Date: 2020-04-21 · published 2020-04-21T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/53933-chaotic-overnight-crude-oil-mart-sends-rm-lower-at-opening
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Negative crude prices signal a severe demand collapse and storage crisis, which hurts oil-exporting currencies and energy-linked costs. This is a macro read-through rather than a direct grain or feed move.

## Read by commodity

- WTI: bearish ▼
- USDMYR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -6.7% | +12.5% |
| WTI | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -1.2% | +12.6% |
| WTI | 2025-03-05 | [Declining crude oil and vegetable oil prices lower prices for sunflower seeds and oil in Ukraine](https://feedsoft.ai/events/11140-declining-crude-oil-and-vegetable-oil-prices-lower-prices-for-sunflower-seeds.md) | -2.9% | +4.5% |
| WTI | 2020-04-20 | [U.S. natgas trading at premium over oil after crude price collapse](https://feedsoft.ai/events/12199-u-s-natgas-trading-at-premium-over-oil-after-crude-price-collapse.md) | -32.4% | +73.9% |
| WTI | 2022-08-16 | [Turner's Take Ag Markets \| Rains and Chinese Rate Cut Sends CBOT Lower](https://feedsoft.ai/events/6530-turner-s-take-ag-markets-rains-and-chinese-rate-cut-sends-cbot-lower.md) | +1.2% | -4.0% |

## Sources

- nst.com.my: https://www.nst.com.my/business/2020/04/586163/chaotic-overnight-crude-oil-mart-sends-rm-lower-opening

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