Single-digit oil prices and unprecedented demand destruction are leading to production shut-ins all over the planet, but US shale and Canadian crude are the most affected.
As the oil war and coronavirus demand destruction rage on, WTI crude prices briefly dipped below $20 per barrel, but many prices aren’t even fetching $20 per barrel as they are struggling to find buyers for their crude. Prices in Oklahoma, Colorado, Kansas, and Louisiana, for instance, have dropped significantly over the last week, with benchmark prices such as Louisiana Light falling to $5.85 and Oklahoma Sweet falling to $16.50 on Monday, while prices in the cowboy state, Wyoming, have fallen to $1.25.
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