President Trump promised the U.S. would curtail oil output in a pact with major producers over the weekend. There isn’t much for him to do: The dismal economics and strained physics of the oil market are causing U.S. producers to shut down themselves.
Canceled orders were mounting amid the sharp drop in fuel demand when Texland Petroleum LP decided to shut in each of its 1,211 oil wells and cease production by May.
“We’ve...