Oil price promises more May madness

After April’s unprecedented negative futures contract pricing, there is every chance of more volatility to come

The oil price captured the public imagination considerably more than usual in April when the expiring front-month WTI futures contract plunged to not far shy of $40/bl into negative territory. Social media commentators became instant crude market experts, while analysts with genuine expertise saw heightened demand for their services as talking heads. May has the potential to be no less volatile, with a feasible prospect of another dip into minus numbers. So, eschewing the Twitter and Facebook pundits, Petroleum Economist sought instead the views of several respected commentators on what the month may bring. To, start, though, a cautionary disclaimer. “Oil price prediction has been something