April 18, 2021 – CBC
One year after crude turned negative, oilpatch relishes first-quarter profit outlook
The Canadian Press
On April 20, 2020, the U.S. benchmark West Texas Intermediate near-month contract price ended the day down a whopping $55.90 US at an unprecedented -$37.63 per barrel.
The negative close was caused by a mix of technical commodities market factors and concerns about oversupply as storage tanks grew dangerously close to full amid a collapse in demand fuelled by pandemic lockdowns and short-lived price war between...