Crude edges higher, U.S. gasoline slumps over 30% on sinking demand - Reuters

Crude edges higher, U.S. gasoline slumps over 30% on sinking demand - Reuters:

Oil prices inched higher on Monday, while U.S. gasoline prices plunged more than 30% to a record low as global restrictions on travel to slow the spread of coronavirus destroyed demand for fuel.

Brent crude LCOc1 futures ended the session up 5 cents at $27.03 a barrel while West Texas Intermediate (WTI) crude CLc1 futures for May delivery rose 73 cents, or 3.2%, to $23.36 a barrel. Both benchmarks traded in negative territory until late in the session.

Gasoline futures RBc1 in the United States, the world’s top consumer of the motor fuel, tumbled 32% to settle at about 41.18 cents a gallon, their lowest on record. That was the biggest daily percentage drop ever, and also sent the profit margin RBc1-CLc1 to produce gasoline into negative territory.

“There’s nobody driving, there’s no business, there’s nobody that needs gasoline, and not only that, it could get a lot worse,” said Bob Yawger, director of energy futures at Mizuho in New York.