Oil for June Still Costs Over $20, Showing Market Disparity
- May contract plummeted to negative $37.63 a barrel on Monday
- Decline comes as U.S. oil storage space fills up at rapid rate
Photographer: Daniel Acker/Bloomberg
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U.S. oil futures for June delivery are showing why negative prices are still an exception rather than the norm in the global crude market.
West Texas Intermediate futures for June are currently the most-actively traded crude contracts in New York, and cost more than $21 a barrel. WTI for May, which dived to settle at minus $37.63 on Monday, is due to expire Tuesday and has far less volume and open interest. The contract recovered to trade back in positive territory at $1.60 a barrel as of 6:33 a.m. London time on Tuesday.