April 20 marked a new event in the history of crude oil prices when the WTI May futures that were about to expire the next day traded in the negative territory at a historic low of $ -37.63. This was the result of a very low demand for oil as the global lockdowns to mitigate the effects of the pandemic brought economic activity to a standstill. This in turn resulted in a huge surplus of oil that has left oil producers and traders scrambling for storage. The fear is that, if forced to accept delivery of crude oil upon the futures expiration, it would leave the party with the long position of having nowhere to store it, as the excess supply has already filled up the storage tankers across the US. This explains the negative May futures price.