A leading petroleum economist has said it would “require something cataclysmic” for the international oil benchmark to follow that of the US into negative pricing.
The prime minister and first minister have both been urged to announce cash to bolster the north-east energy industry.
Oil rebounded in Asian trading, after plunging below zero for the first time in history amid rapidly filling American storage tanks, as the U.S. benchmark’s May contract entered its final trading session.
The day started like any other gloomy Monday in the oil market’s worst crisis in a generation. It ended with prices falling below zero, thrusting markets into a parallel universe where traders were willing to pay $40 a barrel just to get somebody to take crude off their hands.
The world’s two leading oil price benchmarks suffered contrasting fortunes today amid ongoing supply and demand fears.
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
Oil eked out a small gain after tumbling 10% on Tuesday as concerns over virus-driven demand destruction overshadowed a historic deal by the world’s biggest producers slash output.
Brude crude oil prices were up nearly 2% at $33.49 a barrel by the London market close today as traders awaited news of a much-anticipated global production cut.
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil futures advanced amid a broader bounce across financial markets while the price of actual crude plummeted to near $15 a barrel.
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.
Oil prices plunged to an 18-year low yesterday as hopes of a production pact between Saudi and Russia faded
Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.
A union has warned that “tens of thousands” of offshore jobs could be at risk as North Sea firms buckle under the pressure of the ongoing oil price “crisis”.
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual demand in history.
Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.
Oil markets are likely to take a hit from China’s deadly coronavirus, with aviation fuel suffering the most, if the SARS epidemic in 2003 is any guide, according to Goldman Sachs Group Inc.
Analysts have warned uncertainty on the global oil price could continue for weeks amid the US-Iran conflict.
Two missiles have struck an Iranian tanker travelling through the Red Sea off the coast of Saudi Arabia, according to Iranian officials.
Brent crude could slump toward a level it hasn’t seen since December 2018 prompting deeper output cuts from OPEC and its allies, according to one of world’s biggest oil traders.
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.
Brent crude traded around $70 a barrel as a two-day rebound petered out on signs the U.S. and China are still far from reaching a trade deal, while supply risks from the Persian Gulf to Venezuela kept investors wary.
Oil traded near the lowest level in a month as concerns that economic turmoil could slow global demand outweighed expectations for a seasonal decline in U.S. crude stockpiles.
Oil in London is set for the longest weekly run of gains in seven years on growing concerns over supply disruptions from the Middle East to Venezuela and on signs a global glut has dwindled.