Something bizarre happened in the oil markets on Monday: Prices fell so much that some traders paid buyers to take oil off their hands
Cheap oil was once part of the dream of energy independence; now it is a sign of economic disarray
This story has a good lay-down of the storage problems. US can fill 500k b/d in the strategic reserve. We can max it out but still a disaster for domestic industry. Middle East producers less effected. Russia happy to see shale collapse. Not good.
Not everyday that a commodity hits negative prices... Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing
Oil importers: it’s time to buy as much oil as you can store. It won’t get cheaper than NEGATIVE $30 a barrel.