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QP - The Week in Crude Oil Markets - March 30, 2020
May WTI settled at $21.51/bbl on Friday, down from last Wednesday’s high of $25.24/ bbl. As of this morning’s trading, front-month WTI was testing support at $20/bbl and the front spread has continued deeper into contango at $3.81/bbl. The last time the front spread was this far in contango was in February 2011, when Cushing storage was approaching full capacity. Prompt crude oil prices in the field are approaching single digits in many locations.......
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