Oil anchored in mid-$30s while US-China tensions rise
Oil was anchored near $33 a barrel as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand.
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Final session fall for FTSE 100, Brent dips
The FTSE-100 ended a topsy-turvy week with a final session fall of 21.97 points, or about 0.5%, to 5,993.28.
Oil retreats with doubts over China eating away at weekly gain
Oil retreated from the highest level in more than two months as doubts over the strength of China’s economic recovery and rising tensions between Washington and Beijing ate away at its weekly advance.
Repeat of US oil’s sub-zero plunge unlikely as June expiry nears
Oil’s historic crash below zero looked increasingly like an aberration as the June contract rose for a fourth day in its last session of trading before expiring.
Oil at two-month high with Chinese demand near pre-virus levels
Oil rose to the highest in two months as demand in China returned to near pre-virus levels and output curbs continued in the U.S. and elsewhere.
Oil prices higher as additional output cuts agreed
The FTSE 100 Index edged up towards the 6,000 mark today as traders took heart from UK Government efforts to gradually get the economy back on track.
Oil on course for first weekly gain in a month as output cuts start
Oil headed for its first weekly gain in a month as global production cuts began to take effect, while early signs the coronavirus-driven plunge in demand might be starting to bottom out also aided sentiment.
The next chapter of the oil crisis: Industry shuts down
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.
Brokers limit investors’ oil bets
At least three brokerages are restricting the ability of clients to enter into new trades in the most active oil benchmarks in a bid to curb losses after an unprecedented meltdown in crude this week dragged prices into negative territory for the first time in history.
A barrel of Brent oil could become ‘cheaper than a latte’, Rystad says
A barrel of Brent crude could cost less than a cup of coffee before long as fears about dwindling storage space sink in, an analyst has said.
Norway decision on production cuts looms
Norway has said it will soon decide whether to cut its oil production to help support plummeting prices.
North Sea can weather oil market storm, tax expert says
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
Turning negative oil positive
Unprecedented, unbelievable, ‘off-the-scale’ can’t really sum up what happened to oil prices in North America on Monday April 20. Both WTI (West Texas intermediate) and WCS (Western Canadian Select) plunged to below $0 per barrel and recorded an oil price of minus $38 per barrel for the first time in history. Although there has been talk about negative oil prices for months, nobody really predicted anything on this scale.
Backwardation and contango: Demystifying market structure
As the oil market collapse has taken WTI into the uncharted and “impossible” territory of negative prices, there has been considerable attention not only on where prices might be going, but also what is happening to the forward curve, and what it means. Even in more normal markets, the structure of the forward curve “backwardation” and “contango” is a source of confusion – mystery even.
US crude price slump a ‘body blow’ for oil industry, OGUK chief says
The descent of US crude prices into negative territory is a “body blow” to a creaking oil and gas sector, an industry leader has said.
Will Covid-19 kill the oil industry?
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.
Nigeria’s banner oil hits $12, millions of barrels remain unsold
The real oil market is killing Nigeria.
Oil demand to fall to a ‘staggering’ 25-year low in April, says IEA
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
Oil negotiators race against clock to clinch historic deal
A global deal to cut oil supply and stem a historic price rout hung in the balance on Sunday as negotiators raced to find an agreement with just hours to go until the market opens.
Russia has edge over Saudi Arabia in crunch oil production talks
Russia will be able to outlast Saudi Arabia if the pair fail to clinch a deal to cut production to prop up oil prices during OPEC+ talks on April 9.
UK regime sees Shell pay no taxes on North Sea business in 2019
Energy giant Shell paid no taxes on its upstream oil and gas business to the UK government last year, instead receiving large rebates, according to a new report.
OPEC+ poker game on Monday: Russia holds better cards than Saudi Arabia
A month after the last unproductive OPEC+ meeting and with Covid-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. Russia and Saudi Arabia will be back to the negotiating tele-table on 6 April 2020 to discuss the output cuts of at least 10 million barrels per day (bpd), first announced by US President Donald Trump on Twitter on 2 April 2020.
Update: Oil surges as producers eye 10m barrel a day output cut
Oil jumped more than 11% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed.
Oil soars after Trump says Saudi Arabia, Russia to cut supply
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’s 60% crash is the tip of an iceberg. The reality is worse
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.