The CEO of one of Canada’s largest drilling rig contractors says plunging North American crude prices on Monday and Tuesday are signs that the oil industry is headed for a “deep, deep collapse.” On Tuesday, U.S.
benchmark West Texas Intermediate oil future contracts for June delivery settled at US$11.57 per barrel, down US$8.86. With Monday’s decline, the price is down more than 57 per cent in just two days.
On Monday, the WTI contract for May delivery fell US$55.90 to US-$37.63 per barrel — which means contract holders were paying others to take the oil off their hands.
On Tuesday, contract expiration day, the amount returned to positive territory, settling at US$10.01. Watching WTI fall negative for the first time in history on Monday was