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Oil’s Meltdown Is Spreading Into the Future With June Below $12

  • Biggest oil-tracking ETF rolled WTI contracts forward
  • May contract rises ahead of expiration; Brent declines 24%
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Oil Prices Drop Below Zero for First Time
Updated on

Oil’s collapse is deepening.

Just a day after U.S. crude futures for May delivery plunged below zero for the first time ever, June futures plummeted 43% to close below $12 a barrel in New York. A massive supply glut brought on by the pandemic and a worldwide shortage of storage space have touched off a relentless rout that has shifted the entire forward curve for oil.