As Coronavirus lockdowns continue to spread around the world, the oil industry faces more disruption to demand and supply chains, with many margins and prices already collapsing.
Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.
Oil soared after U.S. President Trump said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.
Oil rebounded after plunging to the lowest level in 18 years as investors weigh efforts by policy makers across the globe to strengthen economies against the impact of the coronavirus pandemic.
Saudi Aramco is growing less optimistic that there will be a rapid recovery in oil production from the weekend’s attack and now faces weeks or months before the majority of output is restored at the giant Abqaiq processing plant.
Oil held gains near the highest since late October as an escalation of geopolitical conflicts in Libya and Iran belied technical indicators suggesting the rally is overdone.
It’s never ideal if you own a fleet of crude tankers and the world’s oil producers remove millions of barrels of cargo from the market to avert a glut. Nor is a collapse in charter rates normally the best news.
Brent crude oil averaged $72 per barrel (b) in 2018, and West Texas Intermediate (WTI) averaged $65/b in 2018.
Oil retreated from a two-week high as risk appetite faltered after a revival of investor fears over the health of the global economy.
Oil continued on its rollercoaster ride, with volatility soaring on uncertainty over OPEC and American supply, a trade war between the U.S. and China and the Federal Reserve’s monetary policy.
OPEC and its allies must cut oil production by 1.5 million barrels per day next year if they want crude prices to surge above $70 again, an analyst said today.
Oil headed for its biggest monthly decline since 2008 as Russia reiterated it’s comfortable with current prices, just a week before it meets with OPEC in Vienna to discuss possible production curbs.
Oil rose from its lowest settlement in more than a year in New York, though signs of record output from Saudi Arabia amid pressure from President Donald Trump continued to weigh on the market.
Oil’s record losing streak has plunged prices into a bear market and is reverberating around the globe, with the mayhem rattling everyone from bond traders to political leaders and fund managers.
Crude’s poised for the longest losing streak since 2014 as concerns of a supply crunch eased on a forecast for rising U.S. production and waivers for eight countries allowing temporary import of Iranian oil.
Oil faltered below $70 a barrel as Saudi Arabia said it has no intention of using its oil wealth as a political tool and as American crude stockpiles were seen gaining for a fifth week.
$20 Oil? Welcome to Canada, Where crude prices haven't recovered.
Oil in London extended losses for a third day on signs that the potential impact of impending U.S. sanctions on Iranian supplies may be mitigated.
The run-up to $100 oil is giving some investors pause.
Oil traded near the highest level in almost four years as investors grapple with doubts over OPEC’s ability to replace falling exports from Iran.
Brent oil traded near the highest level in a week after Saudi Arabia was said to be content with the global benchmark crude breaking above $80 a barrel.
For oil investors, this is both the best of times and the worst of times, depending on which crude benchmark you trade.
WTI crude held gains near $66 a barrel as investors assessed signs of slowing growth in U.S. crude production due to a pipeline crunch against ongoing concerns over a trade war between the world’s biggest economies.
OPEC and its allies are doing what they can to offset crude output shortfalls that have kept global supplies tight and prices high, but they don’t want to overdo it.
S&P Global Platts, the company that sets the key price of Brent crude, is contemplating the eventual incorporation of U.S. oil to help calculate one of its newest European benchmarks, a sign of just how much America’s booming exports are reshaping global energy trading.