‘We don’t think this is the end of it’: Goldman Sachs’ commodities expert explains why oil market chaos can continue into mid-May

‘We don’t think this is the end of it’: Goldman Sachs’ commodities expert explains why oil market chaos can continue into mid-May

Shutting a well down is expensive and can damage infrastructure, Currie told CNBC on Monday, delaying the supply cuts needed to stabilize oil prices.. Production cuts announced at the mid-April OPEC meeting were simply voluntary, whereas US producers now face "necessary cuts forced on the market by economics," he added.. WTI crude oil contracts for May delivery slid into negative prices on Monday amid an unprecedented supply glut.. Goldman Sachs' commodities expert thinks stabilization is weeks away.. Wells in the Gulf Coast regions will eventually step in to shut down pumping activity, Currie said, but until they slash supply, near-term oil futures remain under fire.. The commodity staged a brief recovery after the coalition meeting, but the voluntary cuts weren't enough to stabilize prices..