WTI or West Texas Intermediate Oil contract expires tomorrow; so whosoever bought the futures contract had to take delivery or square up- as oil storage is already packed and currently at 90 days- traders had to sell...

May contracts have seen the worst carnage but situation is not good for June either as prices for June contracts have also seen contraction. The uncertainty on demand due to lockdown and current supply scenario means that current production is way higher than the demand

Per some analysts, this supply may exceed the demand by 15 millions BPD- naturally prices will remain under pressure- producers will have no option but to keep producing at sell at prices to at least cover their marginal costs ($25 for Brent & 80% of Brent for WTI)

If oil producers go for shut down- the costs of starting again can be very high....so it is a double whammy for majority of oil producers...current inventories of 90+ days must come down to 60 days- may be that will be when oil will cross the upper bracket of $25 (20-WT) on Brent

OPEC oil cuts wont materialize before 1st May...….what we have seen today is the biggest sell of to-date in crude oil history....prices have touched the rate not seen ever before...it was a total wash out......closest was in 86 when Reagan was Prez

So all said n done- there is only one way the WTI crude will go from here - UP- UP -UP & AWAY......YES $-37 (NOTE THE MINUS SIGN PLEASE) ON CRUDE WILL NOT SUSTAINABLE- ONLY SOLACE IS THAT YOU ALL WILL BE ABLE TO DISCUSS TODAY'S OIL MARKET CARNAGE WITH YOUR GRAND-KIDS IN FUTURE!

This tweet didn't age well :) https://twitter.com/realDonaldTrump/status/1249422044564992001