WTI: Carnage resumes as June contract breaches $19, down over 7%

• Oil bears remain unstoppable as a sea of red becomes a new normal.
• Coronavirus-led demand destruction woes and lack of storage weigh.
• Focus shifts to US API Crude Stocks data, as May contract turns negative again.

WTI (June futures on Nymex) has eroded the 4% recovery gains seen in Asia and dived over 7% to hit a daily low under the $19 threshold while the front-month May contract drops to -$2.

At the time of writing, the US oil has quickly recovered the 19 handle to trade at 19.20, still shedding 6.20% on the day.

more to come …