World Oil - World Oil analysis: Research shows current oil price collapse near record proportions

The oil price collapse of the last two weeks has reached near-record territory, according to World Oil’s analysis of historical prices in constant dollars. Back on March 9, the current slide began, when the NYMEX WTI crude futures price plunged from the $41.28/bbl level of March 6 to just $31.13/bbl. After bouncing around in the low $30s/bbl between March 9 and March 13, the WTI futures price dipped further, to $28.70 on March 16 before plunging to only $20.37 on March 18. The price finished the week on March 20 at 22.43.

Over the last week or so, World Oil has converted monthly averages for original (nominal) crude futures prices from 1983 to early 2020 into “constant dollars,” often referred to as “today’s money.” This enables an apple-to-apple comparison of average monthly oil prices at various times over the last 37 years.

https://www.worldoil.com//news/2020/3/20/world-oil-analysis-research-shows-current-oil-price-collapse-near-record-proportions?id=31307113