Texas Oil at $2 a Barrel Raises Specter of Negative Prices
- Buyers signal single-digit prices for Texas oil at the field
- Benchmark U.S. crude is at an 18-year low amid demand collapse
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Crude prices in America’s oil capital are getting dangerously close to zero.
Buyers bidding for crude in Texas, the birthplace of the shale revolution, are offering as little as $2 a barrel for some oil streams, a precipitous markdown from a month ago. The slumping value of physical barrels is raising the possibility that Texas producers may soon have to pay customers to take crude off their hands.