So, having read a little on this since then, and seeing something historic unfolding, I'll comment.
Of course the oil situation has been messy for a few months now, starting with OPEC and Russia dumping oil into the market. Demand is also lower recently due to the economic slowdown caused by the virus. But today's collapse is very interesting and very different.
There's more than one price for oil out there. The most closely followed price for oil is the West Texas Intermediate crude future traded on the New York Mercantile Exchange. The current futures contract expires tomorrow and traders have to settle up -- money versus crude -- to be delivered in May. But guess what? There is a huge shortage of storage capacity for oil right now (oil glut, lack of demand), so traders are bailing out of the May contract so they don't have to take delivery of crude they can't store.
Price for May crude right now? -$3.34. Yup, negative. I've never seen anything like this.
BTW, the June contract is trading at $21.80. The textbooks tell us the difference between a commodity price in month one and month two is the cost to store the commodity for a month. Not the first time the textbooks have let me down. Gonna be interesting to see how this plays out.
edit to add: Now it's at -$6.69
edit to add: Now it's at -$37.59 at 1:39.
This isn't sposta happen