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 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/
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...
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,...
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/
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/
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...
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’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/
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...