May WTI at NEGATIVE Price

WTI crude futures crashed today. The May futures contract plunged $55.90, settling at a -$37.63. Yes, you read that correctly, a negative price of $37.63. The seller delivers a barrel of oil plus $37. 63 to the buyer. This May contract expires tomorrow so one more day of trading. The chart shows the 3-day move in both May and June contracts. The huge drop in demand, the slow and inadequate OPEC Plus production cutbacks, and structural nature of futures (long-only participants must sell the nearby expiring contract and buy further out the curve) contributed to the plunge. This is creating an environment where crude oil in storage is rising quickly so spare capacity is running out.