* U.S. oil futures collapse below $0 for 1st time in history
* Qantas outshines amid broad weakness, up 3.3%
* Virgin Australia enters voluntary administration
By Shashwat Awasthi
April 21 (Reuters) - Australian shares slid on Tuesday as energy stocks were hammered by a historic plunge in U.S. crude prices amid a collapse in oil demand due to the novel coronavirus pandemic.
The S&P/ASX 200 index .AXJO fell 0.7% to 5,314.5 by 0033 GMT and hit its lowest level since April 9.
U.S. West Texas Intermediate (WTI) crude for May delivery CLc1 jumped more than $20 per barrel but still traded below $0 after plunging into negative territory for the first time in history, amid a supply glut and sagging demand due to global lockdowns to curb the spread of the virus. O/R fear being caught long oil as the May futures contract for West Texas Intermediate approaches expiry ... the prospect of having to pay to sell crude oil provided a brutal reminder of the current unusual economic conditions," said Michael McCarthy, chief market strategist at CMC Markets.
An index of Australian energy stocks .AXEJ was by far the biggest drag on the benchmark index, shedding 2.1%.
"The complexity of this oil price crash is providing some difficulty for swing traders. The crude demand fallout has put a permanent distaste for anyone to hold oil in the short-term," said Edward Moya, senior market analyst at OANDA.
Single-stock moves saw Qantas Airways QAN.AX outperform the broader market with a 3.3% rise after rival Virgin Australia VAH.AX entered voluntary administration. BHP BHP.AX gave up 2%, as investors in the world's biggest miner seemingly focussed on its warning about lower capital spending and steel output over higher quarterly iron ore production. A sub-index of mining companies .AXMM was down 1%. New Zealand, the benchmark S&P/NZX 50 .NZ50 skidded 0.3% to 10,733.4.
Prime Minister Jacinda Ardern on Monday said the country would move to a lower level of restrictions after next week, while the central bank eased rules to help banks keep lending to support customers, including those with mortgage deferrals.