Oil’s wild ride over global storage
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The price of U.S. crude oil for June delivery has recovered to just above $11 per barrel while Brent – the international benchmark – dropped below $20 per barrel for the first time since 1999
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Brent crude (price per barrel)   
West Texas Intermediate

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Supertankers: Oil traders have booked 100 of the world’s 815 very large crude carriers (VLCCs), each of which can hold around 2 million barrels. VLCC-rates have hit $150,000 a day, up from $10,000 a day in April 2019
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$49.99  $45.90
$37.22  $34.47
$22.76  $14.10
-$40.00
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Mar 8, price war: Alliance between OPEC+ cartel collapses after Russia rejects cuts in oil supplies to boost prices
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Apr 22: $17.39, $11.11 Covid-19 pandemic cuts consumption by as much 50 as 30% – global storage reaches near capacity
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Apr 3: $34.11, $28.36
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Mar 30: U.S. President Trump and Russia’s President Putin raise hope of supply cut as storage tank hubs fill
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Apr 2: Saudi Arabia calls emergency meeting of OPEC+
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Apr 12: OPEC+ agrees to cut 9.7 million barrels of daily oil output from May 1
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40 30 20 10 0 -10 -20 -30 -40 
                                        
Mar 9 Mar 16 Mar 23 Mar 30 Apr 6 Apr 13 Apr 20
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Sources: Energy World, Financial Times, Wall Street Journal Picture: Getty Images 
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