China’s offshore oil and gas major CNOOC Ltd expects Brent crude oil prices to average $30 to $40 per barrel this year, a company executive said The state-controlled firm will produce at the lowest level in high-cost projects such as oil sands in Canada and shale gas operations in the United...
https://www.hellenicshippingnews.com/china-cnooc-sees-brent-at-30-40-bbl-to-cut-canada-u-s-output/
Houston’s Diamond Offshore Drilling filed for bankruptcy this weekend, after missing an interest payment on $500m loan. As the oil price remains under pressure, it may only be the start of a chain of casualties. How can investors minimise their vulnerability to falling oil prices? The Coronavirus...
https://www.hellenicshippingnews.com/oil-price-shock-the-implications/
Strength in the price of Shanghai crude oil futures hosted on the Shanghai International Energy Exchange, or INE, and a doubling of storage capacity may explain why Iraq’s Basrah and Oman have fetched higher prices in a deeply discounted market for Middle East crudes over April. This month, several...
One indication of this difference between these markets is the correlation, or co-movement, of daily prices. Measures of correlation range between positive one, indicating a very strong relationship for movements in the same direction, to negative one, indicating a strong relationship for movements...
Asian gasoil markets will continue to face headwinds over the next few months even as refineries cut processing rates further and economies gradually start picking up as the coronavirus pandemic becomes contained, analysts said. Sluggish industrial activity and travel restrictions due to extended...
https://www.hellenicshippingnews.com/gasoil-slump-piles-more-pain-on-asian-refiners/
Oil prices have been volatile in recent days due to lack of storage options, and last week US oil dropped into negative territory for the first time in history. On Monday oil prices plummeted 30% after United States Oil Fund, one of the biggest exchange traded funds in oil announced it would sell...
U.S. refiners are expected to report poor first-quarter results starting this week, but investors are more concerned about the outlook for coming months as various states ease movement restrictions designed to curb coronavirus infections. Fuel demand has dropped by roughly 25% in the United States...
Karl Marx wrote that “history repeats itself twice, the first time as tragedy and the second time as farce.” The collapse of the Soviet Union was not a tragedy, nor is what is happening in Russia now a farce. Still, the collapse of the Soviet Union was a defining moment in human history. Russia’s...
The way panic spread through global oil markets early last week was pretty much similar to that caused by the initial outbreak of the coronavirus, although the nature, of course, differed widely. It was for the first time in modern history that a strategic commodity was sold at three times lower...
https://www.hellenicshippingnews.com/oil-gets-shock-treatment-now-it-needs-a-cure/
Intermonth spreads for benchmark Dubai crude futures were trading in a well-worn range Thursday morning in Asia, the last trading day for Middle East sour crude for the month of April, even as outright oil prices rallied in double digits globally. At 11 am in Singapore (0300 GMT), the June Dubai...
https://www.hellenicshippingnews.com/dubai-futures-contango-rangebound-despite-outright-price-rally/