Well, it did happen. A futures contract for West Texas oil traded at about minus $40 per barrel. In effect, this meant someone paid money to be relieved of an oil delivery in a landlocked US state.

Storage is costly, after all. But, it also reflects a global market glut left by the Great Lockdown, which has shut off combustion engines that wheel and wing people around the world.

Of the 100-million-odd barrels being used up daily before the covid crisis, some 30% is no longer needed, by one estimate. Overall supply has also reduced, but not by that much.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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