With one week to go until massive Opec+ cuts come into force, global storage is filling up rapidly, forcing unprecedented price movements and sparking renewed calls for producers to cut even deeper. In the end, they might not have much choice.
The collapse of US crude futures prices earlier this week, which unprecedently dropped into negative territory ahead of the May-June contract roll, shocked market participants. And while Brent crude doesn’t suffer from the same storage and export constraints as WTI, front-month prices for Brent futures also tumbled, temporarily dropping below $20/B for the first time in 18 years. (CONTINUED - 1008 WORDS)
