Barrels from the country’s biggest shale plays and offshore grades are pricing in negative territory, with buyers asking to be paid for taking crude away.
Oil is trading below $0 a barrel across the U.S. after the futures market suffered its worst price crash in history. Barrels from the country’s biggest shale plays and offshore grades are pricing in negative territory, with buyers asking to be paid for taking crude away.
The meltdown follows the worst day of trading in U.S. history, in which New York oil futures plummeted more than 300% to close at an unprecedented negative $37.63 a barrel.
The market was already under pressure as storage across the country fills and the coronavirus pandemic obliterates energy demand.