Bank of China Ltd. customers learned an $85 million lesson on the perils of speculating on crude oil this week. Hundreds of angry retail investors have flooded onto the internet to protest against Continue Reading
China is buying cheap oil to fill its strategic oil reserves–a move that could save the oil industry. But can it really save the entire global oil industry? Some say Continue Reading
A nationwide ban by Indonesia, the region’s largest buyer of gasoline, on seasonal travel for Ramadan will significantly add to downward momentum in the already bearish motor fuel market, industry Continue Reading
At a Publix store in St. Petersburg, Florida, handmade signs limit customers to two packages of beef, pork and Italian sausage. In Toronto, shoppers at a west end Loblaws can’t Continue Reading
An historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% Continue Reading
Oklahoma’s energy regulator on Wednesday ruled in favor of an oil company’s emergency application to classify unprofitable production as economic waste, enabling producers to maintain leases when output is halted Continue Reading
The prices of actual barrels of multiple crude streams in Europe, Asia and Africa have plunged to as little as $5 a barrel, dragging down the entire physical oil market and Continue Reading
Millions more are expected to be added to the jobless count. As the economic toll from the coronavirus pandemic mounts, the federal government is expected to report on Thursday that Continue Reading
Automakers are headed for a less-drastic U.S. sales collapse than feared, according to market researchers. Retail sales to consumers are down about 50%, a drop-off that wouldn’t be as steep as Continue Reading
Concerns are growing that any economic recovery later this year could prove short-lived because of a deadly resurgence of the coronavirus and a spike in bankruptcies and defaults, a wicked Continue Reading
U.S. crude oil refinery inputs averaged 12.5 million barrels per day during the week ending April 17, 2020 which was 209,000 barrels per day less than the previous week’s average. Continue Reading
By now even the 165,727 “professional investors ” who are long the USO ETF on the free, glitch-prone platform Robin Hood, are aware that the problem facing global oil production Continue Reading
Even if the U.S. government will install an outright ban on Saudi oil, it won’t make much of a difference considering the huge demand destruction and filling storage tanks Desperate Continue Reading
The Covid-19 crisis combined with the oil price war is about to trigger the largest ever monthly drop in U.S. fracking activity The Covid-19 pandemic has ravaged global oil demand Continue Reading
Tankers carrying some 20 million barrels of crude oil are idling off the coast of California as onshore storage space runs out and the level of supply remains excessively high. Continue Reading
he novel coronavirus pandemic has cut power demand by 8% to 9% power in various US markets, with some market regions – New York City, for example – having much Continue Reading
Researchers at the Department of Energy’s Oak Ridge National Laboratory (ORNL) in late February demonstrated a 20-kilowatt bi-directional wireless charging system installed on a UPS medium-duty, plug-in hybrid electric delivery Continue Reading
Free oil won’t last. But it may linger long enough to persuade some creditors of bankrupt energy drillers to freeze their court fights awhile so they don’t wind up running Continue Reading
A historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% Continue Reading
U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst Continue Reading
It was meant to be the day Russians voted to change the constitution to allow President Vladimir Putin to extend his rule until 2036. Instead, Putin spent Wednesday troubleshooting one Continue Reading
As oil prices collapse, Shell is postponing the final investment decisions (FIDs) for two planned projects, one in the U.S. Gulf of Mexico and another in the UK North Sea, Continue Reading
The current situation in the oil market with prices plummeting is tough, but the market shouldn’t be judged by a one-day or even a week-long slump, Vladimir Putin’s Press Secretary Continue Reading
Europe’s economy suffered a massive blow in April when government restrictions to contain the coronavirus left companies scrambling to stay afloat. An estimate of private-sector activity in the euro area plunged to Continue Reading
The U.K. economy contracted at the fastest pace in at least 20 years this month as the coronavirus lockdown brought commerce to a standstill. IHS Markit’s Purchasing Managers Index for output Continue Reading
The German economy suffered a deeper-than-anticipated slump at the start of the second quarter as coronavirus-related restrictions led to a collapse in demand. IHS Markit’s monthly Purchasing Managers’ Index plunged to Continue Reading
French economic activity shrank at a record pace in April amid a widespread shutdown of businesses to contain the coronavirus. IHS Markit’s monthly measure of service and manufacturing activity dropped to Continue Reading
For decades, the oil rigs rising out of the North Sea off Scotland provided Britain with hundreds of thousands of jobs in a thriving industry and billions in tax revenue. Continue Reading
The slide in oil prices continued apace on Wednesday, with Brent crude dropping to levels not seen in more than two decades as concerns over the economic impact of the Continue Reading
Oil in London traded near a 21-year low as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week. Brent Continue Reading
The price of a WTI barrel of oil rebounded on Tuesday and is now back in the black, mimicking the June futures contract—rather than May’s future contract that is set Continue Reading
After yesterday’s historic crash which left the West Texas Intermediate U.S. benchmark settling at -$37, panic is beginning to spread through markets, with Brent crude oil prices plummeting by over Continue Reading
Oil’s collapse is deepening. Just a day after U.S. crude futures for May delivery plunged below zero for the first time ever, June futures plummeted 43% to close below $12 Continue Reading
The coronavirus pandemic has caused a series of mind-bending distortions across world financial markets, but Monday featured the most bizarre one yet: The benchmark price for crude oil in the Continue Reading
The current situation on the oil market with too much supply and collapsing demand is similar to what happened in the middle of the 1980s when a glut led to Continue Reading
Orbiting hundreds of miles above the Earth, the Sentinel-1 satellites are the eyes in the sky that show why U.S. oil prices dropped below zero and why much of the world Continue Reading
Dashing hopes for some oil producers who may have thought negative prices were a weird quirk, the June WTI contract fell sharply on Tuesday. During intraday trading June contracts collapsed Continue Reading
With the physical oil market coming apart at the seams, traders have begun to realize that we are a lot closer to full storage capacity than previously thought. As a Continue Reading
The collapse in oil prices is a warning. Anyone who has been swept up by the rally in stock markets since late March would be foolish to ignore it. Even by Continue Reading
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to Continue Reading
In the pandemic economy, financial markets have flashed confusing economic signals, muddied by monetary support, the trading impulses of the fast money, and ever-more complex infection data. But this week the Continue Reading
A Journal survey of 16 tanker owners and data from brokers showed about 100 of the world’s 815 very large crude carriers, each of which can hold around 2 million Continue Reading
Highlights Platts Analytics sees spread hitting scrubber installations this year Stolt-Nielsen, others signal scrubber investment re-evaluation Long-term logic at odds with near-term price squeeze on fuel price spread London — Continue Reading
Oil ministers from the OPEC+ coalition held an unscheduled conference call on Tuesday to discuss the collapse in crude prices, though a closing statement signaled they didn’t settle on any new Continue Reading
As oil prices continue to wilt before a much-hyped global supply accord takes effect in May, OPEC is keeping an eye on US President Donald Trump, awaiting cues that he Continue Reading
Iran’s Revolutionary Guards Corps said on Wednesday it had successfully launched the country’s first military satellite into orbit, at a time of heightened tensions with the United States over Tehran’s Continue Reading
As the oil market meltdown intensified a week after the new OPEC+ production cut deal, Saudi Arabia has hinted for a second time in two weeks that it is ready Continue Reading
Iraq, OPEC’s second-largest oil producer, does not rule out OPEC+ members taking extra measures to halt the further slide of oil prices, but any steps will need to take into Continue Reading
India is quickly running out of space to store a swelling stockpile of fuel as every possible container — including those in the 66,000 pump stations nationwide — threatens to Continue Reading
As parts of India’s economy started reopening in a phased manner this week, electricity demand was expected to pick up. But official data reveals a surprise drop. Electricity consumption during the Continue Reading
