The price of oil has gone negative after weeks of oil sands output selling for less than a pint of beer per barrel. Banks are preparing for a wave of oil bankruptcies by setting up their own oil companies to operate seized assets. Regulators in Texas are considering setting limits on the state’s...
Oil & Companies News
Negative prices reveal the crisis for US oil
The US oil market stepped through the looking glass on Monday. For the first time ever, Nymex WTI crude futures sank into negative territory, with the May 2020 contract at one point recording a price of minus $40.32 a barrel. In other words, some unwary investors were having to pay to give oil...
https://www.hellenicshippingnews.com/negative-prices-reveal-the-crisis-for-us-oil/
Oil moves mixed on easing lockdowns, looming storage shortage
Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand. Brent crude rose 41 cents, or 2%, to $20.40 a...
https://www.hellenicshippingnews.com/oil-moves-mixed-on-easing-lockdowns-looming-storage-shortage/
This Oil Rally Is Only Temporary
Oil has staged a short-term rally since collapsing under $10. Price has been so weak that it did not react immediately to the April 15th upturn in the weekly cycle. In the last year, four of five both buy and sell signals have been profitable. 1-Oil Weekly Cycle The monthly cycle peaked last...
https://www.hellenicshippingnews.com/this-oil-rally-is-only-temporary/
MidEast, Russian crude rebound as supply tightens, China demand robust
Spot prices for Middle East and Russian crude sold in Asia rebounded over the past two weeks with a record output cut by major producers expected to tighten supply, while Chinese buyers scoop up cheap barrels, trade sources said on Tuesday. Cash differentials for most grades recovered from all-time...
REFINERY NEWS ROUNDUP: Some refineries in Africa halted on coronavirus
Some refineries in Africa halted production due to reduced demand on the coronavirus pandemic and soaring inventories. Meanwhile, South Africa is planning to gradually start relaxing measures introduced to combat the spread of Covid-19. –Chad’s Ndjamena refinery in Djarmaya temporarily suspended...
Global oil storage could be maxed out in just 3 weeks, driving ‘substantial volatility’
The world’s oil storage could reach capacity as soon as mid-May and wreak additional havoc on the critical commodity market, Goldman Sachs analysts said. Oil prices have sat close to historic lows as the coronavirus pandemic sinks demand and leaves producers struggling to stem a massive supply...
Cramer sees another oil price collapse: ‘This has to go to zero again’
The price of the current oil futures contract could go to zero again even faster than the May contract did in last week’s historic plunge, CNBC’s Jim Cramer said. “This has to go to zero again, because we haven’t any more space,” Cramer said on “Squawk on the Street.” “I had Herbjorn Hansson, who’s...
Oil majors, governments haggle over sharing pain of deepest cuts yet
From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed fuel sales because of the coronavirus pandemic. Oil majors have traditionally escaped big cuts...
Algeria says proven oil reserves at 10 billion barrels
OPEC member Algeria’s proven oil reserves are currently 1.34 million tonnes, or 10 billion barrels, Energy Minister Mohamed Arkab said. Arkab also told state radio that Algeria, a major gas supplier to Europe, had an estimated 2.36 billion cubic metres of proven natural gas reserves. Algeria’s oil...
https://www.hellenicshippingnews.com/algeria-says-proven-oil-reserves-at-10-billion-barrels/