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Unprecedented is a word that has captured headlines since January 2020, when the Covid-19 pandemic first began to accelerate in China. Unprecedented contagion, unprecedented lockdowns, unprecedented demand destruction, all leading up to what could be the worst economic recession since the Great Depression almost a century ago. And now, unprecedented oil prices, as the WTI crude price marker slipped into negative territory for the first time ever.
Not just any negative territory, but double digits negative. The front month WTI contract for deliveries in May fell as low as -US$37.63.b on Monday. The discount between WTI and Brent also crashed to its lowest point ever, at a peak of -US$62/b, as Brent continues to trade in the mid-US$20/b level. That’s unprecedented. It isn’t just WTI; other US grades are also deep in the negative, as well as Western Canada Select. This essentially means American and Canadian producers are paying to offload their crude oil to (a thin pool) of potential buyers.
There are many reasons for this. Demand for refined fuels has virtually dried up as the US imposed strict lockdown conditions to contain the virus. Jet travel has evaporated, and though gasoline prices have reportedly fallen by 75% in some parts of the US, there is nowhere to drive to. At least three North American refineries have been idled in the face of oil demand destruction, and there are certainly more to come. Try as much as President Donald Trump wants to re-open the US economy, the threat of the virus re-accelerating is worse. This huge dip in demand and refining meant that all the crude and shale oil being produced had nowhere to go but into storage. But storage is rapidly getting maxed out; spare capacity in the main hub of Cushing is fast depleting, and there are even plans to store oil in train cars and in halted pipelines. Storage in the US Strategic Petroleum Reserve is available, but even that is limited.
What makes this even more unprecedented is that much of this oil is onshore, very far inland. This had the same effect, though different contributing factors in 2019, when WTI prices were depressed because demand was high but pipeline capacity was insufficient to carry crude to refining centres along the US Gulf Coast, creating a shale glut. In a way, that paved the way to the current catastrophe; many shale producers picked up a lot of debt during this time, and were forced to pump oil even more aggressively just to stay alive. In the world of a growing oversupply, inland oil is overflowing as storage fills to the brim. Offshore production doesn’t face the same issue. As long as crude can be delivered on the coast, it can be placed on a tanker and stored offshore indefinitely, especially with so many ships idled due to the slowdown in economic activity. This is already happening in Singapore, in Fujairah, in the North Sea, and is the reason that the global crude marker, Brent, has not collapsed.
But the main reason for the unprecedented demolition of US crude prices hinges on a technicality. The Brent NYMEX contract is settled in cash. WTI contracts, however, are settled physically; those holding the contract must therefore take physical delivery at expiry. That expiry date for May contracts is April 21. The dive into deep red territory came because of extreme selling pressure to avoid have to physically receive the oil, especially with nowhere onshore to store it. News that large cargoes of Saudi crude were heading to the US Gulf made matters worse. However, further WTI futures contracts for June and beyond, are still trading at a far more normal range of US$20-30/b; there is still enough time for demand to recover (or for more storage to be found) for these contracts. But for the May contract? It is a bloodbath.
The situation certainly isn’t as dire as it seems, though the headlines might seem apocalyptic. This knee-jerk reaction will almost certainly sort itself out over the medium term. Already, the expiring May WTI contract recovered to -US$6/b in after-hours trading. WTI should return to a more normal range with the switchover to the June benchmark contract on Wednesday. Economic pressure will keep prices low, but not that low. At least not yet. But it will be a whole new galaxy of pain for the US oil industry, especially those that are completely reliant on shale and those that service them. The Saudi-Russia oil price war may have begun as a battle for market share, but might have inadvertently achieved a secondary objective, wiping out US shale production that was undermining supply control efforts. In just three months, the entire oil world has been turned upside down. In response, the industry is recalibrating. There will be some winners, and some losers. In these unprecedented times, expect unprecedented things.
WTI’s Great Fall:
-Traded prices on NYMEX, 20 April 2020
- 10am: US$11.28/b
- 2pm: US$4.88/b
- 2.30pm: -US$0.02/b
- 3pm: -US$.6.89/b
- 4pm: -US$37.63/b
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+91 9845669129 , +91 9901 889129
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+91 9845669129 , +91 9901 889129
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SRE KATEEL INDUSTRIES
SY. #83, Superintendent Dinne, Gottigere Post
C.K. Palya Road, Off Bannergatta Main Road
Bengaluru - 560 083. INDIA.
+91 9845669129 , +91 9901 889129
ABOUT
PRODUCTS
SRE KATEEL INDUSTRIES
SY. #83, Superintendent Dinne, Gottigere Post
C.K. Palya Road, Off Bannergatta Main Road
Bengaluru - 560 083. INDIA.
+91 9845669129 , +91 9901 889129
© Copyright 2017-18 SRE KATEEL INDUSTRIES. All Rights Reserved.
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