Yesterday, West Texas Intermediate oil futures plunged to the negative territory for the first time since the commencement of trading in 1983. It means sellers of the futures contract will have to pay the buyers and not the other way around. The May crude futures contract — which expires today — has witnessed massive abandonment from traders, who are moving on to the June contract. Now, investors are closely monitoring the June contract, which was trading around $20 per barrel. This is the largest contango ever witnessed in U.S. crude, which means that future oil prices in the coming months are above the current prices. Normally, prices are lower at distant delivery dates.
Notably, Brent Crude oil prices have already rolled over to