Oil Prices Jump On Surprise Crude Inventory Draw
Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 700,000 barrels for the week to May 8. This compared with a build Continue Reading
UN forecasts pandemic to shrink world economy by 3.2%
The United Nations forecast Wednesday that the COVID-19 pandemic will shrink the world economy by 3.2% this year, the sharpest contraction since the Great Depression in the 1930s. The U.N.’s Continue Reading
Global Oil Demand Could Take Years To Recover
Global oil demand will take at least a year–and probably much longer–to return to the pre-crisis levels of 100 million barrels per day (bpd), Fatih Birol, Executive Director of the Continue Reading
Stocks drop for third day as recovery hopes falter
World stock markets fell for a third day running on Thursday after a sobering warning from the World Health Organization that the coronavirus may never go away. The head of Continue Reading
IEA Sees Oil Market Improving Amid Sharp Drop in Production
The outlook for global oil markets has “improved somewhat,” with demand a little stronger than expected and supply reined in by a brutal price crash, the International Energy Agency said. Continue Reading
Oil Market Recovery Could Be Erratic
The oil market has experienced unprecedented demand destruction, supply cuts and inventory builds in just a matter of weeks. Recovering from recent events will take considerably longer, IHS Markit Energy Continue Reading
IEA sees tentative signs of faster oil market rebalancing
The oil market may start to rebalance quicker than originally anticipated, with the International Energy Agency Thursday pointing to deeper crude production cuts from OPEC+, US output falling faster than Continue Reading
Oil Market Report – May 2020
Better than expected mobility in OECD countries and the gradual easing of lockdown measures led to an upward adjustment of 3.2 mb/d to our global 2Q20 demand number; but it Continue Reading
Maersk Expects Container Shipping Volumes to Fall Up to 25%
Maersk, which moves 17% of all containers world-wide, posted better-than-expected first-quarter earnings on Wednesday as cost cuts, lower fuel outlays and higher freight rates helped offset the demand slump. With Continue Reading
Future Warming Arriving Earlier Than Expected, Study Finds
Climate scientists have previously warned that a lethal combination of heat and humidity will make currently inhabited parts of the planet uninhabitable for months at a time in the decades Continue Reading