This was one of the most absurd crashes in market history

In April 2020, WTI crude oil futures traded at negative prices, collapsing to around -$40 per barrel
Oil wasn’t worthless
Prices went negative due to futures contracts and storage limits
Global demand fell during COVID lockdowns while production remained at the same level, creating a massive oversupply
Storage was basically gone in Cushing, Oklahoma, where WTI futures settle
As the May contract was about to expire, traders still holding their positions would have had to receive real barrels of oil
With no capacity to store it, many were forced to sell at any price even below zero
Paying someone to take the contract became cheaper than being stuck with oil they couldn’t store
The result:
One of the most unusual pricing events in market history