For the first time in history, oil futures have sunk well below zero.

Crude prices for West Texas Intermediate are now in negative trading territory, reflecting a loss in consumption caused by measures to prevent the spread of COVID-19.

The Financial Post says the unprecedented drop “shows just how oversupplied the US oil market has become.”

WTI was trading at $62 dollars a barrel in January.

George Murphy, who watches global oil prices as part of the Consumer Group for Fair Gas Prices, says there simply isn’t any storage available.

The price reflects contracts for delivery in May, and Murphy says the key will be looking ahead to June which is still valued at USD $22 a barrel. Trading for June begins on Wednesday and he expects that number will slip as well.

Murphy says while Newfoundland and Labrador bases its budget on Brent crude prices, we’re not immune to what’s happening.

He says they’re also starting to slip, down to about USD $25 a barrel right now.

The 2019 provincial budget was based on $63 dollar a barrel Brent Crude.