In a day of shocking turn of events, US benchmark WTI (West Texas Intermediates) crude futures plunged more than 300% to a record low of (-$37/bbl). Yes it actually slipped into negative. This was largely because storage space for US crude was filling up, discouraging buyers even as weak economic data from Germany and Japan cast doubt on when fuel consumption would actually recover. China had already showed 6.8% negative growth in the March quarter on a YOY basis. However, Brent Crude continued to remain above $26/bbl. Physical demand for crude virtually dried up, creating a global supply glut as billions of people stay home to contain the spread of COVID-19. During Monday, WTI crude contract for May fell 302% to -$36.90 per barrel. May month contract will expire on April 21 and that could also be the reason for the sharp fall. The June contract was trading down 16.74% at $20.84 per barrel