# OIL FUTURES: WTI tests $20/b as pandemic-weakened demand outlooks dim

> NYMEX WTI futures tested $20 per barrel at the start of trading as pandemic-driven demand outlooks worsened and COVID-19 cases intensified. ICE Brent was also lower, and the May WTI contract briefly traded as low as $19.92. Global crude demand is forecast to contract by 4.5 million barrels per day in 2020.

- Date: 2020-03-29 · published 2020-03-29T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/9204-oil-futures-wti-tests-20-b-as-pandemic-weakened-demand-outlooks-dim
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A forecast 4.5 million b/d demand contraction signals a sharp fall in energy consumption, pressuring crude and diesel prices. Lower energy costs reduce feed transport and processing expenses but also weaken biofuel-linked demand for vegetable oils and corn.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-03-30 | [Crude oil futures drop as pandemic darkens demand outlook](https://feedsoft.ai/events/5321-crude-oil-futures-drop-as-pandemic-darkens-demand-outlook.md) | +64.1% | -28.3% |
| WTI | 2024-10-15 | [Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens](https://feedsoft.ai/events/28029-oil-plunges-4-as-iran-supply-disruption-concerns-ease-demand-outlook-weakens.md) | -5.8% | -7.4% |
| WTI | 2020-10-01 | [Oil dips nearly 4% on weak demand outlook and higher OPEC output](https://feedsoft.ai/events/50818-oil-dips-nearly-4-on-weak-demand-outlook-and-higher-opec-output.md) | -0.6% | -7.0% |
| WTI | 2020-03-26 | [Oil sheds more than $1 as weakening demand outweighs stimulus hopes](https://feedsoft.ai/events/5326-oil-sheds-more-than-1-as-weakening-demand-outweighs-stimulus-hopes.md) | -7.5% | -25.7% |
| WTI | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +2.1% | +11.9% |
| BRENT | 2020-03-30 | [Crude oil futures drop as pandemic darkens demand outlook](https://feedsoft.ai/events/5321-crude-oil-futures-drop-as-pandemic-darkens-demand-outlook.md) | +21.9% | -26.3% |
| BRENT | 2024-10-15 | [Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens](https://feedsoft.ai/events/28029-oil-plunges-4-as-iran-supply-disruption-concerns-ease-demand-outlook-weakens.md) | -5.4% | -7.6% |
| BRENT | 2020-10-01 | [Oil dips nearly 4% on weak demand outlook and higher OPEC output](https://feedsoft.ai/events/50818-oil-dips-nearly-4-on-weak-demand-outlook-and-higher-opec-output.md) | +1.7% | -5.3% |

## Sources

- spglobal.com: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/032920-oil-futures-wti-tests-20b-as-pandemic-weakened-demand-outlooks-dim

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