April crude oil futures contracts made history when prices breached zero and even traded negative before expiring. This anomaly highlights the crisis faced by oil refiners dealing with a collapse in demand leading to a continuing shortage of storage.

Given its connection to drilling, natural gas is also feeling pressure from collapsing crude prices. However, prices for natural gas have weathered the collapse in crude better as rig operators shutter capacity.

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U.S. natural gas rig count

Source: EIA
Posted by: Information Services
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