With the physical oil market coming apart at the seams, traders have begun to realize that we are a lot closer to full storage capacity than previously thought. As a result, WTI crude prices for the May 20 contract continue to swing between negative and positive territory and Brent crude has taken a significant hit on Tuesday morning. With the storage crisis taking its toll on prices, producers have started shutting in production, with Canada, Iraq, and Venezuela taking the lead in what Rystad Energy predicts will be a 2 million bpd wave of shut-ins. One of the first victims of the oil price crash, as Oilprice.com reported yesterday , were the landlocked Canadian producers who have seen prices for their heavy crude fall far into negative territory. The scale and pricing structure of their products mean that they can usually afford to produce for quite a while in […]