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Full Tank: Too Much Oil, No Place to Store it
April 21st, 2020 - 08:30 GMT

Full Tank: Too Much Oil, No Place to Store it

The West Texas Intermediate (WTI), also known as the Texas light sweet, fell to historic lows since markets opened in Asia. By mid-afternoon, WTI had fallen by 39.52 percent to $11.05 per barrel. Brent had fallen by 6.8 percent to $26.17 during the same time period. This differential can be explained by the fact that in North America storage is filling up fast. Some shale producers offer a physical barrel ...
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