426: Oil Doesn’t Spark Joy: Storage Crunch Gets Crude Price Below $0

2020 has been a year of many firsts — a pandemic of a dangerous scale, a lockdown on movement across the world, the worst recession in the making and something as unimaginable as crude oil actually costing negative. On 20 April, the US's benchmark index for crude oil, WTI crude or West Texas Intermediate which is the best quality of crude oil in the world was priced at -40.32$ a barrel in New York. That effectively means oil sellers would be paying buyers to take the oil off their hands. It's hard enough to believe that oil could ever be priced at zero, but how is it even possible for it to dip below zero? Let's break it down. Also Read: Coronavirus & Falling Oil Prices Driving Us Into Global Recession? (https://www.thequint.com/podcast/oil-prices-fall-coronavirus-global-economy-recession-impact-india-benefit-fuel) Producer and Host: Shorbori Purkayastha Editor: Shelly Walia Music: Big Bang Fuzz References: Explained: What explains crude oil prices falling below the $0 mark (https://indianexpress.com/article/explained/negative-crude-oil-prices-explained-6371848/) US oil prices turn negative as demand dries up (https://www.bbc.com/news/business-52350082) Oil crash explained: How are negative oil prices even possible? (https://theconversation.com/oil-crash-explained-how-are-negative-oil-prices-even-possible-136829) Listen to The Big Story podcast on: Apple: https://apple.co/2AYdLIl (https://www.youtube.com/redirect?q=https%3A%2F%2Fapple.co%2F2AYdLIl&redir_token=G9sQMbbppKv-LEFD29gDyTmPMzt8MTU3MTM4MDU5NkAxNTcxMjk0MTk2&v=xkpX1V6aUFo&event=video_description) Saavn: http://bit.ly/2oix78C (https://www.youtube.com/redirect?q=http%3A%2F%2Fbit.ly%2F2oix78C&redir_token=G9sQMbbppKv-LEFD29gDyTmPMzt8MTU3MTM4MDU5NkAxNTcxMjk0MTk2&v=xkpX1V6aUFo&event=video_description) Google Podcasts: http://bit.ly/2ntMV7S (https://www.youtube.com/redirect?q=http%3A%2F%2Fbit.ly%2F2ntMV7S&redir_token=G9sQMbbppKv-LEFD29gDyTmPMzt8MTU3MTM4MDU5NkAxNTcxMjk0MTk2&v=xkpX1V6aUFo&event=video_description) Spotify: https://spoti.fi/2IyLAUQ (https://www.youtu