Gasoline Futures Fall To $0.50 As Demand Plummets
Gasoline futures in New York fell as much as 13 percent to $0.50 a gallon, the lowest level since the current contract started trading in 2005. Source: Bloomberg The previous Continue Reading
What Will It Take To See $65 Oil Again This Year?
Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices Continue Reading
Oil Majors Are Preparing For $10 Oil
The wave of oil industry spending cuts continues, with the majors now announcing significant reductions to spending as oil remains stuck in the $20s. Royal Dutch Shell said on Monday Continue Reading
Oil Drifts Lower as Hopes for OPEC-Texas Production Truce Fade
Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran Continue Reading
Brent crude extends fall as coronavirus shutdowns sap demand
Brent crude prices extended falls on Monday amid more action by governments to contain the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a worldwide Continue Reading
Explaining the Global Oil Rout – 54% Demand, 46% Supply: Chart
Lower oil prices typically boost global growth, but the recent decline to an 18-year low will likely provide less support than usual. Bloomberg Economics estimates weak demand was responsible for more Continue Reading
OIL FUTURES: Oil settles sharply lower as COVID-19 containment efforts spread
Oil prices finished the week lower amid stepped-up US COVID-19 containment efforts, and a lack of clarity regarding US efforts to bail out domestic oil producers. April WTI settled down Continue Reading
Oil Prices Retreat After Massive Rally
Following a rally early on Friday supported by U.S. President Donald Trump suggesting he could intervene in the ongoing Saudi-Russia oil price war and by a flow of stimulus from Continue Reading
Oil Suffers Biggest Weekly Loss Since 1991 With Demand in Focus
Oil capped its biggest weekly decline in almost three decades as concern that the collapse of global fuel demand will deepen outweighed talks between OPEC and Texas’s energy regulator. Futures in Continue Reading
The Very Real Prospect Of $5 Oil
The rebound in oil prices on Thursday didn’t last long as bearish sentiment once again took hold on Friday morning, with some analysts contemplating the possibility of $5 WTI. Oil Continue Reading