An analyst has suggested the same “hardball” treatment that the supply chain was subjected to during the last downturn may not be repeated this time around.
In a recent article I described the mechanisms which drive the market structures of backwardation and contango, which explained how and why the market got into negative territory, with a steep contango forward curve. But having got there, how does that same understanding of market behaviour help us form a view of where we go from here?
There is a certain irony in the coincidence of two recent major events that together, focused minds on how exactly the huge upheavals caused by COVID-19 may affect our efforts to achieve net zero carbon.
There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.
The FTSE 100 Index edged up a further 822.22 points, or 1.4%, to 5,935.98 today.
Brent crude oil was down about 6.5% at $28.96 per barrel at the London market close despite spending much of today on the advance.
The price of a barrel of Brent crude surged above $30 on Tuesday amid growing hopes that global demand for oil is rising again.
Do we play as a team or individuals? How should we take on the challenge of the unpredictable turbulence of today’s business environment? Our industry faces a triple whammy of pressures from operational disruption due to Covid-19, massive reductions in demand for our product and a globally oversupplied market.
How can energy supply chain companies weather the perfect storm of the oil and gas price crash, Covid-19 lockdown and social distancing, pressure to fully decarbonise and, of course, Brexit?
The FTSE 100 started the week slightly in negative territory but oil prices were up amid hopes new production cuts can reduce a massive global oversupply.
North Sea industry is facing an “existential threat” and will need quicker, simpler support from governments to overcome the price rout, an investment expert has said.
Brent crude oil was up by nearly 8% to $26.16 per barrel by the London market close today.
Oil rallied for a second day as global production cuts deepened and signs of a recovery in physical markets emerge.
Dutch geo-data services firm Fugro said this morning that it would reduce its headcount by up to 10% in response to the “deterioration in market circumstances”.
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Brent crude oil was up by 7.3% at $24.4 per barrel, as of 6pm.
Share price growth for oil majors BP and Shell boosted the FTSE 100 yesterday, with London’s blue-chip index rising 111.1 points, or more than 1.9%, to 5,958.5.
European markets started the week in positive territory, with all the leading financial indices enjoying gains yesterday.
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Where were you when oil prices went negative, Grandpa?
Oil prices have plunged to record lows this past week. While one particular benchmark, West Texas Intermediate, went below minus $40 per barrel a week ago, that is headline grabbing but not the primary concern.
Worley is the latest energy firm to announce a number of job losses at its Aberdeen base as a result of the coronavirus pandemic.
Brent crude had edged up just over 1% to $21.55 a barrel by the London market close today, making it three days of gains on the trot in a historic week for oil prices.
The price of Brent crude has continued to recover today after the oil price rout of earlier this week.
Hefty impairments plunged TechnipFMC into the red in the first quarter of 2020 as the energy services firm felt the impact of the oil price slump and Covid-19 outbreak.