The 2020 Oil Price Crash: WTI Below Zero and the Recovery
EIA's WTI spot price was $61.17 per barrel on Jan 2, 2020, the first published price in this window. It then bottomed at −$36.98 on Apr 20, 2020, a fall of $98.15 over 4 months. From that low it recovered to $49.04 by Dec 18, 2020, a rise of $86.02 over 8 months.
Daily spot prices, Jan 2, 2020 – Dec 31, 2020
Chart data table (258 rows)
| Period | WTI | Brent |
|---|---|---|
| Dec 31, 2020 | $48.35 | $51.22 |
| Dec 30, 2020 | $48.24 | $50.74 |
| Dec 29, 2020 | $47.85 | $50.44 |
| Dec 28, 2020 | $47.50 | $50.88 |
| Dec 24, 2020 | $48.18 | $50.88 |
| Dec 23, 2020 | $47.94 | $51.05 |
| Dec 22, 2020 | $47.02 | $49.88 |
| Dec 21, 2020 | $47.79 | $50.61 |
| Dec 18, 2020 | $49.04 | $52.17 |
| Dec 17, 2020 | $48.34 | $51.20 |
| Dec 16, 2020 | $47.86 | $50.83 |
| Dec 15, 2020 | $47.58 | $50.77 |
| Dec 14, 2020 | $47.02 | $50.27 |
| Dec 11, 2020 | $46.59 | $50.01 |
| Dec 10, 2020 | $46.76 | $50.33 |
| Dec 9, 2020 | $45.48 | $48.81 |
| Dec 8, 2020 | $45.64 | $48.84 |
| Dec 7, 2020 | $45.72 | $48.63 |
| Dec 4, 2020 | $46.23 | $49.10 |
| Dec 3, 2020 | $45.65 | $48.37 |
| Dec 2, 2020 | $45.23 | $47.80 |
| Dec 1, 2020 | $44.54 | $47.03 |
| Nov 30, 2020 | $45.20 | $46.84 |
| Nov 27, 2020 | — | $46.88 |
| Nov 26, 2020 | — | $46.32 |
| Nov 25, 2020 | $45.58 | $47.30 |
| Nov 24, 2020 | $44.71 | $46.63 |
| Nov 23, 2020 | $42.91 | $45.00 |
| Nov 20, 2020 | $41.99 | $43.79 |
| Nov 19, 2020 | $41.57 | $43.09 |
| Nov 18, 2020 | $41.64 | $42.91 |
| Nov 17, 2020 | $41.24 | $42.54 |
| Nov 16, 2020 | $41.14 | $42.71 |
| Nov 13, 2020 | $39.93 | $41.51 |
| Nov 12, 2020 | $40.90 | $42.16 |
| Nov 11, 2020 | $41.23 | $42.50 |
| Nov 10, 2020 | $41.18 | $42.25 |
| Nov 9, 2020 | $40.05 | $40.93 |
| Nov 6, 2020 | $36.97 | $38.08 |
| Nov 5, 2020 | $38.56 | $39.47 |
| Nov 4, 2020 | $38.97 | $39.68 |
| Nov 3, 2020 | $37.44 | $38.17 |
| Nov 2, 2020 | $36.60 | $37.78 |
| Oct 30, 2020 | $35.64 | $36.33 |
| Oct 29, 2020 | $35.94 | $36.56 |
| Oct 28, 2020 | $37.27 | $37.86 |
| Oct 27, 2020 | $39.34 | $39.72 |
| Oct 26, 2020 | $38.39 | $39.06 |
| Oct 23, 2020 | $39.73 | $40.71 |
| Oct 22, 2020 | $40.46 | $41.28 |
| Oct 21, 2020 | $39.88 | $40.09 |
| Oct 20, 2020 | $41.37 | $41.62 |
| Oct 19, 2020 | $40.69 | $41.29 |
| Oct 16, 2020 | $40.70 | $41.34 |
| Oct 15, 2020 | $40.84 | $41.61 |
| Oct 14, 2020 | $40.86 | $41.81 |
| Oct 13, 2020 | $40.03 | $41.34 |
| Oct 12, 2020 | $39.22 | $40.50 |
| Oct 9, 2020 | $40.44 | $41.63 |
| Oct 8, 2020 | $41.04 | $42.00 |
| Oct 7, 2020 | $39.82 | $40.62 |
| Oct 6, 2020 | $40.52 | $41.27 |
| Oct 5, 2020 | $39.12 | $39.78 |
| Oct 2, 2020 | $36.90 | $38.00 |
| Oct 1, 2020 | $38.51 | $39.75 |
| Sep 30, 2020 | $40.05 | $40.30 |
| Sep 29, 2020 | $39.03 | $40.33 |
| Sep 28, 2020 | $40.47 | $41.59 |
| Sep 25, 2020 | $40.06 | $40.91 |
| Sep 24, 2020 | $40.11 | $41.24 |
| Sep 23, 2020 | $39.92 | $41.09 |
| Sep 22, 2020 | $39.55 | $40.84 |
| Sep 21, 2020 | $39.26 | $40.37 |
| Sep 18, 2020 | $41.09 | $42.16 |
| Sep 17, 2020 | $40.99 | $42.35 |
| Sep 16, 2020 | $40.17 | $41.23 |
| Sep 15, 2020 | $38.29 | $39.54 |
| Sep 14, 2020 | $37.23 | $38.57 |
| Sep 11, 2020 | $37.33 | $38.80 |
| Sep 10, 2020 | $37.25 | $39.27 |
| Sep 9, 2020 | $38.05 | $39.98 |
| Sep 8, 2020 | $36.87 | $38.53 |
| Sep 7, 2020 | — | $40.67 |
| Sep 4, 2020 | $39.69 | $41.10 |
| Sep 3, 2020 | $41.39 | $42.72 |
| Sep 2, 2020 | $42.76 | $42.70 |
| Sep 1, 2020 | $42.76 | $45.72 |
| Aug 31, 2020 | $42.61 | — |
| Aug 28, 2020 | $42.96 | $45.22 |
| Aug 27, 2020 | $42.88 | $44.84 |
| Aug 26, 2020 | $43.21 | $45.79 |
| Aug 25, 2020 | $43.17 | $46.01 |
| Aug 24, 2020 | $42.44 | $44.43 |
| Aug 21, 2020 | $42.32 | $43.94 |
| Aug 20, 2020 | $42.62 | $44.56 |
| Aug 19, 2020 | $42.91 | $45.21 |
| Aug 18, 2020 | $42.89 | $45.34 |
| Aug 17, 2020 | $42.89 | $44.91 |
| Aug 14, 2020 | $42.05 | $44.86 |
| Aug 13, 2020 | $42.26 | $44.87 |
| Aug 12, 2020 | $42.60 | $45.09 |
| Aug 11, 2020 | $41.53 | $43.68 |
| Aug 10, 2020 | $41.94 | $44.19 |
| Aug 7, 2020 | $41.16 | $44.07 |
| Aug 6, 2020 | $41.93 | $45.04 |
| Aug 5, 2020 | $42.25 | $44.92 |
| Aug 4, 2020 | $41.67 | $43.99 |
| Aug 3, 2020 | $40.83 | $43.76 |
| Jul 31, 2020 | $40.10 | $43.13 |
| Jul 30, 2020 | $39.85 | $42.98 |
| Jul 29, 2020 | $41.13 | $43.51 |
| Jul 28, 2020 | $40.89 | $43.11 |
| Jul 27, 2020 | $41.46 | $43.39 |
| Jul 24, 2020 | $41.23 | $43.29 |
| Jul 23, 2020 | $40.99 | $42.96 |
| Jul 22, 2020 | $41.88 | $43.98 |
| Jul 21, 2020 | $41.76 | $44.31 |
| Jul 20, 2020 | $40.83 | $43.30 |
| Jul 17, 2020 | $40.55 | $43.53 |
| Jul 16, 2020 | $40.74 | $43.71 |
| Jul 15, 2020 | $41.20 | $43.96 |
| Jul 14, 2020 | $40.30 | $42.97 |
| Jul 13, 2020 | $40.06 | $42.85 |
| Jul 10, 2020 | $40.56 | $43.27 |
| Jul 9, 2020 | $39.64 | $42.35 |
| Jul 8, 2020 | $40.91 | $43.67 |
| Jul 7, 2020 | $40.59 | $43.28 |
| Jul 6, 2020 | $40.51 | $42.73 |
| Jul 3, 2020 | — | $42.92 |
| Jul 2, 2020 | $40.57 | $43.19 |
| Jul 1, 2020 | $39.88 | $42.18 |
| Jun 30, 2020 | $39.27 | $41.64 |
| Jun 29, 2020 | $39.67 | $41.58 |
| Jun 26, 2020 | $38.53 | $40.97 |
| Jun 25, 2020 | $38.66 | $41.18 |
| Jun 24, 2020 | $37.91 | $40.40 |
| Jun 23, 2020 | $40.40 | $42.72 |
| Jun 22, 2020 | $40.60 | $43.20 |
| Jun 19, 2020 | $39.72 | $42.33 |
| Jun 18, 2020 | $38.79 | $41.75 |
| Jun 17, 2020 | $37.91 | $40.47 |
| Jun 16, 2020 | $38.26 | $40.75 |
| Jun 15, 2020 | $37.07 | $39.44 |
| Jun 12, 2020 | $36.24 | $38.54 |
| Jun 11, 2020 | $36.43 | $37.76 |
| Jun 10, 2020 | $39.54 | $41.18 |
| Jun 9, 2020 | $38.98 | $40.45 |
| Jun 8, 2020 | $38.17 | $39.66 |
| Jun 5, 2020 | $39.49 | $41.00 |
| Jun 4, 2020 | $37.42 | $38.41 |
| Jun 3, 2020 | $37.33 | $37.98 |
| Jun 2, 2020 | $36.88 | $37.72 |
| Jun 1, 2020 | $35.49 | $36.74 |
| May 29, 2020 | $35.57 | $34.15 |
| May 28, 2020 | $33.67 | $33.98 |
| May 27, 2020 | $32.80 | $32.73 |
| May 26, 2020 | $34.70 | $33.95 |
| May 22, 2020 | $33.49 | $33.80 |
| May 21, 2020 | $34.30 | $34.78 |
| May 20, 2020 | $33.56 | $34.76 |
| May 19, 2020 | $32.30 | $33.06 |
| May 18, 2020 | $31.83 | $33.30 |
| May 15, 2020 | $29.44 | $30.95 |
| May 14, 2020 | $27.40 | $29.87 |
| May 13, 2020 | $25.37 | $27.89 |
| May 12, 2020 | $25.76 | $26.67 |
| May 11, 2020 | $24.02 | $25.53 |
| May 8, 2020 | $24.73 | — |
| May 7, 2020 | $23.68 | $24.23 |
| May 6, 2020 | $23.88 | $24.20 |
| May 5, 2020 | $24.56 | $25.46 |
| May 4, 2020 | $20.47 | $20.40 |
| May 1, 2020 | $19.72 | $18.49 |
| Apr 30, 2020 | $19.23 | $18.11 |
| Apr 29, 2020 | $15.04 | $17.86 |
| Apr 28, 2020 | $12.40 | $15.60 |
| Apr 27, 2020 | $12.17 | $15.17 |
| Apr 24, 2020 | $15.99 | $15.87 |
| Apr 23, 2020 | $15.06 | $15.06 |
| Apr 22, 2020 | $13.64 | $13.77 |
| Apr 21, 2020 | $8.91 | $9.12 |
| Apr 20, 2020 | −$36.98 | $17.36 |
| Apr 17, 2020 | $18.31 | $19.75 |
| Apr 16, 2020 | $19.82 | $18.69 |
| Apr 15, 2020 | $19.96 | $19.80 |
| Apr 14, 2020 | $20.15 | $21.74 |
| Apr 13, 2020 | $22.36 | — |
| Apr 9, 2020 | $22.90 | $20.23 |
| Apr 8, 2020 | $24.97 | $25.22 |
| Apr 7, 2020 | $23.54 | $22.10 |
| Apr 6, 2020 | $26.21 | $22.58 |
| Apr 3, 2020 | $28.36 | $24.33 |
| Apr 2, 2020 | $25.18 | $20.24 |
| Apr 1, 2020 | $20.28 | $14.97 |
| Mar 31, 2020 | $20.51 | $14.85 |
| Mar 30, 2020 | $14.10 | $19.19 |
| Mar 27, 2020 | $15.48 | $22.39 |
| Mar 26, 2020 | $16.60 | $23.55 |
| Mar 25, 2020 | $20.75 | $25.62 |
| Mar 24, 2020 | $21.03 | $24.50 |
| Mar 23, 2020 | $23.33 | $23.75 |
| Mar 20, 2020 | $19.48 | $25.55 |
| Mar 19, 2020 | $25.09 | $23.98 |
| Mar 18, 2020 | $20.48 | $22.79 |
| Mar 17, 2020 | $26.96 | $27.97 |
| Mar 16, 2020 | $28.96 | $27.98 |
| Mar 13, 2020 | $31.72 | $32.25 |
| Mar 12, 2020 | $31.56 | $31.02 |
| Mar 11, 2020 | $33.13 | $34.45 |
| Mar 10, 2020 | $34.47 | $35.57 |
| Mar 9, 2020 | $31.05 | $35.33 |
| Mar 6, 2020 | $41.14 | $45.60 |
| Mar 5, 2020 | $45.90 | $51.29 |
| Mar 4, 2020 | $46.78 | $51.86 |
| Mar 3, 2020 | $47.27 | $52.24 |
| Mar 2, 2020 | $46.78 | $52.52 |
| Feb 28, 2020 | $44.83 | $51.31 |
| Feb 27, 2020 | $47.17 | $52.19 |
| Feb 26, 2020 | $48.67 | $54.96 |
| Feb 25, 2020 | $49.78 | $55.29 |
| Feb 24, 2020 | $51.36 | $56.71 |
| Feb 21, 2020 | $53.36 | $58.60 |
| Feb 20, 2020 | $53.77 | $59.57 |
| Feb 19, 2020 | $53.31 | $59.72 |
| Feb 18, 2020 | $52.10 | $57.35 |
| Feb 17, 2020 | — | $57.83 |
| Feb 14, 2020 | $52.03 | $57.37 |
| Feb 13, 2020 | $51.41 | $56.34 |
| Feb 12, 2020 | $51.13 | $55.54 |
| Feb 11, 2020 | $50.00 | $54.00 |
| Feb 10, 2020 | $49.59 | $53.39 |
| Feb 7, 2020 | $50.34 | $54.53 |
| Feb 6, 2020 | $50.94 | $55.18 |
| Feb 5, 2020 | $50.87 | $55.36 |
| Feb 4, 2020 | $49.59 | $53.90 |
| Feb 3, 2020 | $50.06 | $54.00 |
| Jan 31, 2020 | $51.58 | $57.77 |
| Jan 30, 2020 | $52.19 | $57.72 |
| Jan 29, 2020 | $53.29 | $59.46 |
| Jan 28, 2020 | $53.33 | $59.37 |
| Jan 27, 2020 | $53.09 | $58.54 |
| Jan 24, 2020 | $54.09 | $59.34 |
| Jan 23, 2020 | $55.51 | $61.26 |
| Jan 22, 2020 | $56.76 | $62.11 |
| Jan 21, 2020 | $58.25 | $63.66 |
| Jan 20, 2020 | — | $64.63 |
| Jan 17, 2020 | $58.55 | $64.05 |
| Jan 16, 2020 | $58.52 | $64.63 |
| Jan 15, 2020 | $57.86 | $63.29 |
| Jan 14, 2020 | $58.34 | $64.45 |
| Jan 13, 2020 | $58.17 | $64.14 |
| Jan 10, 2020 | $59.02 | $66.77 |
| Jan 9, 2020 | $59.56 | $66.58 |
| Jan 8, 2020 | $59.65 | $67.31 |
| Jan 7, 2020 | $62.70 | $68.74 |
| Jan 6, 2020 | $63.27 | $70.25 |
| Jan 3, 2020 | $63.00 | $69.08 |
| Jan 2, 2020 | $61.17 | $67.05 |
Context
In the first half of 2020, responses to the COVID-19 pandemic led to steep declines in global petroleum demand.[1] In March, OPEC and partner countries suspended previously agreed production cuts, adding supply as demand fell; EIA described the price decline as driven largely by the economic contraction and that supply increase.[2]
The negative price on April 20 came at the expiration of the May 2020 WTI futures contract. Traders holding contracts could not find buyers, and scarce, costly storage pushed some to sell at negative prices rather than take delivery; EIA concluded the phenomenon was mainly confined to the financial market.[3] Commercial inventories at Cushing, Oklahoma, rose by 27 million barrels between March 13 and May 1, to 83% of working storage capacity.[1]
In early April, OPEC+ agreed to significant production reductions running from May 2020 through April 2022.[4] At the end of 2020, prices rose on news of vaccine rollouts and OPEC+ plans to limit production increases in 2021.[1]
Brent bottomed at $9.12 on Apr 21, 2020 and recovered to $52.17 by Dec 18, 2020. On dates when both were published, Brent averaged +$2.49 against WTI over the window, ranging from −$5.66 to +$54.34. The largest one-day moves in WTI were a rise of $45.89 on Apr 21, 2020 and a fall of $55.29 on Apr 20, 2020, each measured against the previous published price. WTI was below $20 on 17 published days in the window.
Adjusted with CPI-U to September 2026 dollars, WTI's high in the window was $82.64 (Jan 6, 2020) and its lowest positive price $11.71 (Apr 21, 2020); days with a zero or negative price are not adjusted. Annual averages: 2020 $39.16 (−31.3% on 2019).
Monthly averages
| Month | WTI | vs prior month | Brent | WTI real |
|---|---|---|---|---|
| January 2020 | $57.52 | — | $63.65 | $75.13 |
| February 2020 | $50.54 | −12.1% | $55.66 | $65.83 |
| March 2020 | $29.21 | −42.2% | $32.01 | $38.13 |
| April 2020 | $16.55 | −43.3% | $18.38 | $21.75 |
| May 2020 | $28.56 | +72.6% | $29.38 | $37.53 |
| June 2020 | $38.31 | +34.1% | $40.27 | $50.07 |
| July 2020 | $40.71 | +6.3% | $43.24 | $52.94 |
| August 2020 | $42.34 | +4.0% | $44.74 | $54.89 |
| September 2020 | $39.63 | −6.4% | $40.91 | $51.30 |
| October 2020 | $39.40 | −0.6% | $40.19 | $50.98 |
| November 2020 | $40.94 | +3.9% | $42.69 | $53.01 |
| December 2020 | $47.02 | +14.9% | $49.99 | $60.82 |
Linked months have their own page with daily prices (months with at least 15 published WTI prices).
Year pages: Oil prices in 2020
Sources for the context above
- Crude oil prices briefly traded below $0 in spring 2020 but have since been mostly flat — U.S. Energy Information Administration
- Short-Term Energy Outlook, April 2020 — U.S. Energy Information Administration
- Low liquidity and limited available storage pushed WTI crude oil futures prices below zero — U.S. Energy Information Administration
- Short-Term Energy Outlook, May 2020 — U.S. Energy Information Administration
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Jan 2, 2020 – Dec 31, 2020 | Dec 31, 2020 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Jan 2, 2020 – Dec 31, 2020 | Dec 31, 2020 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly | September 2026 |
Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.
Download:2020 price crash daily prices (CSV)