usa petroleum talls to historical lows with negative prices

The COVID19 crisis is having a heavy impact on oil prices especially in the United States where the collapse of demand and insufficient storage capacity have forced producers to pay to withdraw the extracted oil. The progressive reduction of storage capacities used by large producers as a tool to make the market more volatile and support prices paradoxically had, in this very particular situation, the exact opposite effect. The strong imbalance between consistent supply and collapsing demand currently induces, in
the absence of sufficient storage capacity, a shock effect in the exact opposite direction to what occurred in the seventies,
up to bringing prices below zero.

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