Mid-Week Review – June 24, 2020
With contracts canceled and debts mounting, offshore oil drillers face another shakeout
The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. Click here to read more from Reuters.
Russian oil export cuts are raising physical crude prices
To understand why physical crude oil prices are rising across Europe, look to Russia. The country, one of the world’s largest producers, is curbing its exports to multi-year lows. That’s helped to increase demand for other European grades and recently boosted their values in the market where actual barrels of oil are traded. Click here to read more from World Oil.
Oil pulls back after hitting highest since early March
Oil futures slipped on Tuesday as the market braced for reports expected to show swelling U.S. crude inventories, which pulled prices back off the highest levels since before the coronavirus pandemic slammed fuel demand. Click here to read more from Reuters.
Oil falls on rising stocks, worries of new virus wave
Oil prices fell on Wednesday, reversing the previous session’s surge, as record-high inventories and worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies. Click here to read more from CNBC.
This article is part of Daily Market News & Insights
Tagged: API, coronavirus, inventory
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