UPDATE 13-Brent oil futures plunge as growing glut feeds market panic

* WTI May price recovers to above $0
* Trump calls for funds for U.S. oil industry
* U.S. crude oil stocks seen up 15.2 mln bbls last week-poll
* Coming Up: API's U.S. oil inventory data at 4:30 p.m. EDT

(Recasts top, adds details)
By Scott DiSavino
NEW YORK, April 21 (Reuters) - Brent oil futures prices
plunged again on Tuesday, extending the oil market's panic into
a second day with no end in sight to a swelling global crude
glut as the coronavirus pandemic has obliterated demand for
fuel.
Monday and Tuesday have been two of the most turbulent days
in the history of oil trading, as investors confront the reality
that worldwide supply will overwhelm demand for months or years
and current production cuts to offset that glut are nowhere near
sufficient.
After Monday's trade, when the front-month May U.S. contract
fell into negative territory for the first time in history,
Tuesday set a new milestone as more than 2 million contracts for
U.S. crude for delivery in June changed hands, the busiest day
in history, according to exchange operator CME Group.
Brent futures LCOc1 for June delivery settled down 24% to
$19.33 a barrel, their lowest since February 2002. U.S. West
Texas Intermediate (WTI) crude CLc2 for June, the front-month
contract as of Wednesday, fell $8.86, or 43%, to settle at
$11.57.
The U.S. May contract CLK0 CLc1 , which expired on
Tuesday, rebounded from its deep dive into negative territory,
rising to $10.01 from its settle at minus $37.63 on Monday.
Oil inventories have been building for weeks after Saudi
Arabia and Russia early in March failed to come to terms on
extending output cuts as the coronavirus pandemic worsened.
Since that time, the pandemic's spread has cut fuel demand by
roughly 30% worldwide.
The Organization of the Petroleum Exporting Countries and
its allies, including Russia, finally announced sweeping cuts in
production in early April, amounting to almost 10% of global
supplies. But with economies virtually at a standstill due to
coronavirus lockdowns, that is not enough to offset the
declining demand.
Both Saudi Arabia and Russia said on Tuesday that they were
ready to take extra measures to stabilize oil markets along with
other producers, but they have not taken action yet.
"The math is pretty simple. Current oil production is about
90 million barrels per day, but demand is only 75 million
barrels per day," said Gregory Leo, chief investment officer and
head of global wealth management at IDB Bank.
Meanwhile, in Texas, however, oil and gas regulators
declined to force producers to curtail oil output. The Texas
Railroad Commission, which regulates energy companies in that
state, had considered intervening in markets for the first time
in nearly 50 years. "Texas punted their decision and with OPEC not showing any
urgency, that pretty much means the world will run out of room
to store oil by the second week of May," said Edward Moya,
senior market analyst at OANDA in New York.
The main U.S. storage hub in Cushing, Oklahoma, delivery
point for WTI, is expected to be full within weeks. Official U.S. government data shows that storage at Cushing
was just 70% full as of mid-April. Traders, however, say that is
bunk - because whatever is left is spoken for by firms sending
oil to the hub right now. U.S. President Donald Trump called on the government to make
funds available to the U.S. oil and gas industry, calling
Monday's crash a "financial squeeze" and mooting a halt to Saudi
imports. U.S. crude inventories were expected to rise by about 15.2
million barrels last week after posting the biggest one-week
build in history in the previous week, analysts polled by
Reuters said. EIA/S
The American Petroleum Institute (API) is set to release its
data at 4:30 p.m. (2030 GMT) on Tuesday.