U.S. cash crude prices plunged on Monday, with popular export grades sliding to ...
NEW YORK - U.S. cash crude prices plunged on Monday, with popular export grades sliding to their weakest levels in more than a year and a half, following a collapse in benchmark futures in the biggest daily price rout since the 1991 Gulf War.
Saudi Arabia and Russia have launched a global price war, and signalled they would hike output in a market already awash in crude. “We have to let markets calm down a bit to see if exports can still find a home. My guess is U.S. crude has nowhere else to go, so it will be priced to clear in Europe or Asia,” said Sandy Fielden, director of oil and products research, Morningstar in Austin, Texas.
U.S. crude’s discount to Brent futures at one point on Monday narrowed to as little as $1.40 a barrel, the smallest since November 2016, traders said.
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