brent

Oil & Gas

Oil advances after OPEC+ extends production cuts

Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.

Oil & Gas

Brokers limit investors’ oil bets

At least three brokerages are restricting the ability of clients to enter into new trades in the most active oil benchmarks in a bid to curb losses after an unprecedented meltdown in crude this week dragged prices into negative territory for the first time in history.

Opinion

Turning negative oil positive

Unprecedented, unbelievable, ‘off-the-scale’ can’t really sum up what happened to oil prices in North America on Monday April 20. Both WTI (West Texas intermediate) and WCS (Western Canadian Select) plunged to below $0 per barrel and recorded an oil price of minus $38 per barrel for the first time in history. Although there has been talk about negative oil prices for months, nobody really predicted anything on this scale.

Oil & Gas

Backwardation and contango: Demystifying market structure

As the oil market collapse has taken WTI into the uncharted and “impossible” territory of negative prices, there has been considerable attention not only on where prices might be going, but also what is happening to the forward curve, and what it means. Even in more normal markets, the structure of the forward curve “backwardation” and “contango” is a source of confusion – mystery even.