Fears of global crude storage hitting capacity are now dominating markets, sending oil prices falling towards $15 WTI fell below $18 per barrel in early trading on Friday, as a deepening gloom swept over the market. China reported a contraction in GDP of 6.8 percent for the first quarter. OPEC affirmed in its Oil Market Report that demand would fall by 6.9 mb/d this year. Storage fears are now beginning to dominate market sentiment. U.S. DOE considers paying drillers not to drill . In the latest scheme to prop up indebted shale drillers, the U.S. Department of Energy is reportedly considering paying oil and gas companies to keep their reserves undrilled. The idea seems farfetched, and is based on the notion that undeveloped projects would act as “storage.” The reserves could be drilled later and sold later, with proceeds going to the government. The proposal would require appropriations from […]