On Monday, traders holding the expiring front-month May contract for U.S. crude had to pay nearly $40 per barrel to unload oil as they scrambled to avoid having to take delivery.
With supply looking like it will far exceed demand for weeks, oil contracts for June on Tuesday were at two-decade lows, with global benchmark Brent down 24%, to settle at $19.33 a barrel and U.S. crude for June down 43% to $11.57. [O/R]
The United States Oil Fund ETF was down more than 20% on Monday.
Energy stocks in the S&P 500 are down nearly 45% for the year to date, more than triple the 15% decline in the broad index over the same time.