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Traders may have hoped that the April 20 collapse in U.S. oil prices below zero for the first time in history was an aberration.

The world’s biggest independent oil storage company has all but run out of space for crude and refined products as a result of the fast-expanding glut that COVID-19 has created.

Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.

Stocks have fallen in early trading on Wall Street April 20, as energy stocks get hammered by the latest collapse in the price of oil.

Oil plunged to the lowest in two decades amid a record collapse in U.S. fuel demand and the biggest-ever weekly build in domestic crude supplies.

Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then — swelling stockpiles for at least a few more weeks.

OPEC, Russia and other oil-producing nations on April 12 finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.

Mexico says it has reached an agreement with the United States that will allow it to agree to a deal on production cuts with OPEC, Russia and other countries.

Oil soared after President Trump said that he expects Saudi Arabia and Russia to cut output back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman.

Oil tanks at one of the world’s largest storage hubs on Africa’s southern tip already are almost full, limiting traders’ options as a historic flood of crude hits the market.