mo4ch:>Crude price collapse will finally force US oil industry to cut production or go bust | Mo4ch News
The oil-price plunge could create a historic precedent in which the US may finally help boost the sinking energy market, albeit involuntarily, instead of benefiting at the expense of others, oil executive Mike Cantrell believes.The price of US benchmark West Texas Intermediate (WTI) contract for May finished trading on Monday in negative territory for the first time in history, falling to -$37.63 per barrel. Despite briefly bouncing back on Tuesday, the futures then tumbled again below zero before rising on Wednesday to $10 per barrel. The situation is caused partly by the lack of storage capacity, amid a historic demand shock triggered by the coronavirus pandemic. However, it’s not those working in the oil fields, but traders, who are sending crude prices into a tailspin, an oil industry insider told RT.“It’s not oil and gas producers doing this, it’s traders on the market. They got caught with negative positions, when they were extremely long - in other words they had to pay someone…