In the wake of the Covid-19 pandemic, the demand for oil has been at an all-time low. However, the oil producers continued to extract oil with the expectation that the demand will increase again at the end of the pandemic.
Consequently, an increased supply led to the price of crude oil dropping to an all-time low of -$40.32 for a barrel.
US crude oil futures settled at a value below zero for the first time in history. However, the contract structure of oil trading means there's more nuance when it comes to the value of oil, so don't expect to be filling up your car for free anytime soon.https://t.co/PJCk30zmbC— Twitter Moments (@TwitterMoments) April 20, 2020
Today, #WTI crashed from an open of $17.85/ barrel to a low of -$40.32/ barrel.— Prof. Steve Hanke (@steve_hanke) April 20, 2020
What is going?
Oil storage tanks are full to the brim.
Mark this day on your calendar. You will never see a day like it again.#OilPrices #OilCrash
The situation may change once the pandemic ends, but for Twitterati, this meant just one thing - memes:
Gonna tell my kids I was alive when oil hit $0— Soha (@SohaTazz) April 20, 2020
US crude oil price falls into negative— Pakchikpak Raja Babu (@HaramiParindey) April 21, 2020
Donald Trump : pic.twitter.com/QyFJIuo4yE
Crude oil price right now : pic.twitter.com/eLwOmPHyH6— ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ (@theesmaarkhan) April 20, 2020
Without India's contribution to mathematics koi Crude Oil ka price hee nahi bol pata.— Abijit Ganguly (@AbijitG) April 20, 2020
*Crude prices goes into negative*— डी.के. (@itsdhruvism) April 20, 2020
Me*At petrol pump* : Tanki Full kardo.
Attendant: Sir, 350 hua.
Me: Theek hai lao.
Oil, oil everywhere, not a drop needed.