- S. crude prices at Texas slide to near $10, lowest since late 1998
By Devika Krishna Kumar and Laila Kearney
ReutersMarch 30, 2020, 1:33 PM EDT
NEW YORK (Reuters) - The United States' flagship crude oil grade plunged on Monday to trade at about $10 a barrel, the weakest since late 1998 as demand plummeted due to the coronavirus pandemic and storage filled quickly.
The grade, priced at the heart of the Permian basin in Midland, Texas, traded at $9.50 below benchmark prices, traders said, bringing the outright price to near $10 a barrel.
WTI at East Houston (MEH) crude, one of the biggest Gulf Coast export grades, traded at minus $6.00 below benchmark futures, its lowest on record.
Traders have warned that Midland crude will continue to slide as storage tanks around the country quickly fill up, forcing producers in the largest U.S. shale basin to shut output and refiners around the nation to cut crude runs.
So basically ignore the WTI postings you see on Yahoo finance or Bloomberg commodities.