WTI is witnessing wild price swings as U.S. producers send their crude to the Strategic Petroleum Reserve because commercial storage tanks are close to reaching capacity. Oilprice.com’s Michael Kern has warned of the possibility of negative oil prices later this month, saying that the reopening of the U.S. economy will prove crucial for crude consumption, and that ‘’If the reopening doesn’t go as planned, however, it could lead to even more devastation, and in turn, even more downward pressure on oil prices.’’ While many analysts now predict Q2 crude demand to fall by up to 30 million bpd, some other analysts think we may have already seen the worst. EIA data last week (Weekly Petroleum Status Report April 22 nd ) showed a stabilization in the consumption of petroleum products, and as the U.S., Europe, and China are relaxing coronavirus measures, the demand for oil products is expected to […]