The world oil market is in the midst of a massive collapse in demand, driven by the impact of the coronavirus, combined with severe oversupply. As a result, there has been a rapid buildup in crude oil and refined product inventories, which has driven market fears of running out of storage space. Oil prices have staged a tenuous recovery in May, as the markets see signs of firming fundamentals ahead. However, during March and April, crude prices were under severe downward pressure. This was underscored by the collapse of NYMEX May WTI prices to negative values on April 20, 2020, the day before the contract expired. So what are the differences between ICE Brent and NYMEX WTI? Could the same thing happen to ICE Brent prices?

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