On April 20, 2020, the front-month May 2020 WTI crude contract dropped 306%, or $55.90, for the session, to settle at negative $37.63 a barrel on the New York Mercantile Exchange. Watch the video 

 

https://www.youtube.com/watch?v=pmXQVFbktmQ&ab_channel=OpenInterest, 

 

Answer the following questions:

a. When is the expiration date for the May futures? 

b. What was the open interest of the WTI May Future contracts on April 20th? How many barrels of crude would have to be delivered to Cushing if the entire open interest went through settlement?

c. Why did the holders of the May contracts need to sell the contracts, and in fact, the need was so urgent that the contract holders were willing to accept a negative price, suggesting that they were willing to pay someone to purchase the crude?