By April 2020 the price of WTI dropped by 80%, down to a low of about $5. As the demand for fuel decreased globally with pandemic-related lockdowns preventing travel, and due to excessive demand for storage of the large surplus in production, the price for future delivery of US crude in May became negative on 20 April 2020, the first time to happen since the New York Mercantile Exchange began trading in 1983.
By April 2020, WTI prices fell by 80%, settling at around $5. The reduction in global fuel demand due to pandemic lockdowns and an excess of production leading to storage problems caused the May US crude futures price to turn negative on April 20, 2020, a first since the New York Mercantile Exchange began trading.