West Texas Crude Price Turns Negative For First Time Ever
The lock up in the price of a good oil futures contract expiring Tuesday accelerated Monday, falling through $1 a barrel, all the approach to one cent, and and then actually turning negative.
Prices could fall even further. Last week, the CME Group verified the ability of platform in order to register negative prices.
The extreme low-level of costs intended for the May contract is thanks to concerns that facilities intended for storing oil are reaching greatest capacity.