Gulf Keystone Petroleum Gave Away Crude Oil For Free In April

If you were wondering how those negative crude oil prices in April played out in the physical market, now we know. As the price of WTI fell below the $0 mark last month, Gulf Keystone Petroleum Ltd., a seller of Shaikan crude oil produced in northern Iraq, gave its oil away last month for free according to Bloomberg, as the price of its oil pumped from the Shaikan field traded more than $21 under Brent prices. Brent traded at an average of $21.04 for the month of April. The recipient of the month’s worth of free crude was the Kurdish regional…