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*** The May'20 WTI crude oil future contract....>

OIL
OIL: *** The May'20 WTI crude oil future contract slides sharply having broken
below $10/bbl. Low print at the moment now at $8.77/bbl, meaning the price has
more than halved during the Monday session.
- Reminder: The contract expires tomorrow and soaring storage costs continue to
roil physical delivery.
- From earlier today: Suggestions are that a record ~160mn of crude is being
stored at sea aboard "supertankers." Elsewhere, various reports have pointed to
Saudi sending some ~600K bpd worth of crude to the U.S. in April, which
represents the largest amount in around a year. That will not help the U.S.
storage/oversupply picture.

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