The May 'front month futures' contract for oil has gone negative. It is now -$37 a barrel (that's negative $37). This is the futures contract that expires tomorrow, and there is a cascade effect going on - basically.

(This does not mean oil in general is -$37/barrel)
Here are some numbers as of the time of writing. You can see that the June-onwards contracts for oil are trading at 'normal' levels.
Here's a good thread that also helps explain things https://twitter.com/RogerDiwan/status/1252324705291374592
You can follow @covidperspectiv.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled: