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...
Oil & Companies News
FEATURE: INE’s Shanghai Crude contract sustains Chinese demand for cheap Middle East barrels
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...
China CNOOC sees Brent at $30-$40/bbl, to cut Canada, U.S. output
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/
Russia is the world’s biggest loser from oil’s crash, and that’s reason to worry
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...
Dubai Futures: Contango rangebound despite outright price rally
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/
U.S. refinery earnings to detail troubled outlooks as fuel use slumps
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...
Oil gets shock treatment, now it needs a cure
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/
Oil prices rise on early signs of pick up in fuel demand
Oil prices jumped on Thursday, lifted by signs that the U.S. crude glut is not growing as quickly as expected and of a rise in fuel demand, which has been crushed by the coronavirus. West Texas Intermediate (WTI) crude futures climbed to $17.11 a barrel, up 13.6% or $2.05 at 0840 GMT. The U.S....
https://www.hellenicshippingnews.com/oil-prices-rise-on-early-signs-of-pick-up-in-fuel-demand/
UBS: Oil prices will spike 115% by the end of 2020 in a dramatic reversal of the current crisis (UBS)
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...
Coming U.S. shale results will test extent of oil hedges, output cuts
As low crude oil prices leave U.S. producers struggling to eke out profits, investors will focus on production hedges and cost-cuts to determine winners from losers as first quarter earnings roll out in coming days. Global energy demand have tumbled by nearly a third due to coronavirus lockdowns,...