So here are my thoughts, for what they're worth.

Two weeks ago, prices were held up by hopes of an OPEC+ deal. There was still storage, talks of a bailout, TRC cuts, etc.

Then last week, prices started falling, after the OPEC+ deal came through and talk of govt action subsided https://twitter.com/DougieGordie/status/1252296559091425283

Today, markets opened with storage at capacity. The US rig count had fallen, but not far enough. Things started slipping, and before long it was a total rout.

Once more rigs shut down, companies go belly-up and storage starts to open up, prices will climb back up

But they'll have a long way to climb

Right now the value of a barrel of WTI crude is essentially zero

Value will only return when demand does. And a recovery won't come until Q3, at the earliest.

The prices falling are linked to May contracts. Those contracts are being dumped, due to the expected demand contraction. All eyes now should be on the June/July contracts. If demand estimates for Q3 hold, then prices will lift back up.

But the pain in the interim will be severe. Many shale assets were already distressed, with companies sagging under immense debt burdens. A lot of companies never attained a profit. As of today, the value of oil in the ground is essentially zero.

This thread explains the May contract implications very well (far better than I can!) https://twitter.com/gilbeaq/status/1252293724215762950?s=20