• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 10 mins US after 4 more years of Trump?
  • 2 days Daniel Yergin Book is a Reality Check on Energy
  • 3 days Permian in for Prosperous and Bright Future
  • 47 mins Something wicked this way comes
  • 1 hour Why NG falling n crude up?
  • 2 days Famine, Economic Collapse of China on the Horizon?
  • 2 days Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 3 days Gepthermal fracking: how to confuse a greenie
  • 3 days YPF to redeploy rigs in Vaca Muerta on export potential
  • 3 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 17 hours The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 2 days Open letter from Politico about US-russian relations
  • 4 days Surviving without coal is a challenge!!
Citi Bank Sees $60 Oil In 2021

Citi Bank Sees $60 Oil In 2021

Oil prices are set to…

Russia’s Central Bank Warns That Oil Could Slide To $25

Russia’s Central Bank Warns That Oil Could Slide To $25

Russia’s central bank has warned…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Extreme Volatility In Oil Continues As WTI June Contract Tanks 65%

The price of a WTI barrel of oil rebounded on Tuesday and is now back in the black, mimicking the June futures contract—rather than May’s future contract that is set to expire Tuesday afternoon. But the volatility is not yet behind us.

The June contract for West Texas Intermediate (WTI) was trading down more than 65% on the day at $6.5 per barrel at 13:45pm EST.

The spot prices yesterday were closely linked to the May futures contract, which were also in the red on Monday. Today, however, on the day that this CLK20 futures contract is set to expire, WTI prices are tracking the June futures instead.

The May futures contract, or CLK20, rose $41.88 on Tuesday, reaching $4.25. 

The extreme volatility in the oil markets this week is largely the result of the timing for the May 2020 futures contract which expires this afternoon, helped along by limited storage and severe demand destruction. US President Donald Trump added to the volatility today, asking the Energy and Treasury Secretaries to come up with a plan to aid US oil and gas companies by making funds available. The US President also said he would “take a look” at the suggestion that the United States should block Saudi oil from coming into the U.S. to help alleviate the domestic glut.

As we move onto the June futures contract, more volatility is in store, as the fast-paced developments in the U.S. industry prompted by a desperate attempt to keep the industry’s head above water will continue to wildly swing prices up and down for the foreseeable future, until the pandemic is behind us, when demand is expected to be somewhat restored.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Andrew Doolittle on April 21 2020 said:
    Crazy. Copper is next. I recommend a close look at the new Tesla Model Y.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News