The brent barrel It has sunk 25% after the West Texas crash. The benchmark for Europe has lost $ 20 after the benchmark barrel in the US entered negative territory on Monday for the first time in its history.
The coronavirus crisis has led to unprecedented destruction of demand for black gold. The International Energy Agency has warned that the monthly demand for oil in April may be 29 million barrels less than that of a year ago, falling to 1995 levels.
"Even with OPEC and its allies' production cuts on May 1, the next 4-6 weeks are going to be very stressful for oil inventories," Citi experts predict.
West Texas is even worse than Brent and holds onto their futures as a lifeline. The benchmark May futures in the US, which expire on Tuesday, soar up to $ 6 positive after closing on Monday at -37 dollars. The June contract, by contrast, plummets 45% to $ 11.
In Spain, Repsol It has been the great thermometer of the crude oil crash. The oil company has left this Tuesday another 5.9%, up to 7.27 euros. The company has just launched a 2020 resilience plan that contemplated a Brent at $ 35, levels very far from the current ones.