Crude futures fell $3.40 in a day. From the previous price that's an amazing 18.6% decline in just one day.
Crude in a massive state of contango. That means spot prices are way lower that prices expected in the future.
Contango is often the case due to increasing demand and central bank sponsored inflation. But futures more than doubling in three month is extremely unusual.
Crude Price Front Month
Part of this collapse is related to May futures expiring on Tuesday with no one wanting to take delivery due to storage constraints.
Even still, contango is severe.
Will the price really double by August?
Even if that happens, many if not most US oil producers will still be losing money.
That fully explains Trump's reelection strategy: Pay Drillers Billions to Leave Oil in the Ground.