AmanreturnsagasnozzlebacktothepumpafterpumpinggasataBPgasstationintheBrooklynboroughofNewYork,theUnitedStatesonApril9,2020.(PhotobyMichaelNagle/Xinhua)Special:nMonday,astheenergymarketcont(WTI),ornearly306percent,ry,,WallStreet,sexpiration,contributingtothehistoricdrop,,traderswithlongpositionsscrambledtogetoutamidfearthatitwouldbedifficulttofindaplacetoparkphysicaloilamidarisingglutofcrude."WeattributetheWTIpriceweaknesstotheimminentexpiryoftheMaycontracttomorrow,"GiovanniStaunovo,acommodityanalystatUBSGlobalWealthManagement,moresevereproblem."Thedeclineinmoreliquidfuturescontractsreflectsthebroaderproblemwehaveintheoilmarket--severeoversupplyin2Q,"saidStaunovo,addingthatwithoilinventoriestrendinghigheroverthecomingweeks,,theknock-oneconomiceffectfromthepandemicwasanimmediatedeepimpactonglobaldemand,sendingfuelpricesplummeting,saidresearchersatColumbiaUniversityilizingtheenergymarket,(OPEC)anditsalliesledbyRussia,agroupknownasOPEC,(bpd),theInternationalEnergyAgency(IEA)rago,downtoalevellastseenin1995,duetoCOVID-19ascontainmentmeasureshavebroughtmobilityalmosttoahalt."Wearealsorunningoutofplacestostoreoilasdemandhascratered,"ChrisLow,chiefeconomistatFHNFinancials,,,haveballooned,whileMidwesternrefiningmarginstanked,,,ablefuture."Wethinkitistooearlytobecomeoutrightbullishontheoilandgassectorgiventhemanyuncertaintiesaroundthesupplyanddemandfactors,"marketstrategistsatUBSsaidinaresearchnote,addingtherearestillopportunitiesinrisks."Wearealsoconvincedthattheglobaloilindustrywillsurvivethiscrisisandthattherecentsell-offhascreatedopportunitiesinthesector,"theysaid.。