by Wolf Richter, Wolf Street:
West Texas Intermediate (WTI) futures collapsed 45% today from the already collapsed price, to $10 a barrel, lowest since 1999.
Under a historic destruction of global demand for crude oil, ballooning supply, nearly full storage facilities, and 20 Saudi oil tankers heading to the Gulf Coast, the price of the US crude oil grade West Texas Intermediate (WTI) collapsed unceremoniously late Sunday and early Monday. While the WTI June futures contract plunged nearly 10% to $22.60, the front-month May futures contract, which expires tomorrow and is close to the WTI spot market cash price, plunged by 45% to $10.06 a barrel Monday morning, the lowest since 1999. WTI is down about 90% from mid-2014 when it traded at over $100 a barrel: