Pump jacks draw crude oil from the Long Beach Oil Field under Discovery Well Park in Signal Hill, California. Photo: David McNew/AFP via Getty Images

U.S. crude prices plummeted in Asian trading hours Monday morning amid concerns about where to store the excess oil the world isn't using while countries are on lockdown over the novel coronavirus pandemic.

Our thought bubble, per Axios' Amy Harder: The story with the oil industry remains the same despite the OPEC deal this month to steeply cut oil production: There’s too much oil, too few places to put it and far too little demand for it."

What's new: Prices on the May contract for West Texas Intermediate crude futures fell 15.54% to $15.43 a barrel, and the global benchmark Brent crude dropped 0.68% to $27.89 a barrel.

  • "The OPEC deal was always about making the situation a little less terrible, not reversing it," Harder notes. "The latest oil prices reflect that the storage part of this situation is getting more dire, and it will continue to do so."

Flashback: Global oil storage is "rapidly filling — exceeding 70% and approaching operating max," Steve Puckett, executive chairman of TRI-ZEN International, an energy consultancy, told CNBC this month.

Go deeper: A world locked down and drowning in oil

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Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.