Yesterday, crude oil and refined fuels futures prices fell sharply, with WTI crude briefly dipping below $20 bbl after the United States announced extended travel restrictions and social distancing guidelines to last through the end of April, further denting the outlook for global oil demand. Crude prices are up this morning after climbing off 18-year […]
Physical fuel markets are taking a pummeling. While futures markets have fallen significantly, fuel and crude prices for immediate delivery are trading far lower. For example, while NYMEX gasoline prices are roughly 50 cents per gallon, current Chicago gasoline wholesale prices are trading around 20-30 cents per gallon – a hefty discount to future prices. […]
With America now taking the lead on number of coronavirus cases globally, fuel demand prospects for the coming weeks seems weaker than ever. Amid social distancing efforts, fuel demand is low enough now to evoke a response from refineries. India’s leading refiner has cut throughput by 25%-30%, and East Asian countries are following suit. From […]
The crude market was up slightly for the week. The major news moving markets this week started with the Fed announcing plans to buy $250 billion in mortgage backed securities and $375 billion in Treasuries this week. The Fed action was meant to energize the economy but seemed to have the opposite effect on equities. […]
After three consecutive days of gains, crude prices are down in early trading this morning. Delays in passing a $2 trillion emergency stimulus package to bolster the economy against the standstill caused by the coronavirus have weakened traders’ resolve. The demand destruction caused by the virus has overshadowed the expectations for emergency stimulus to save […]
Nat Gas News US natural gas in storage enters its final week of withdrawal season as demand wanes S&P Global: A survey of analysts expect a weaker-than-normal draw from working gas in storage last week, as only one more net pull likely remains before the switch to injections, with demand muted more than usual during […]
Yesterday, crude prices were up. They were supported by actions taken by the US Federal Reserve to bolster the economy and the hopes for a coronavirus aid package from congress. In the early hours of Wednesday morning the White House and Senate reached a historic $2 trillion stimulus deal amid growing coronavirus fears. The over […]
Prepare for the Next Wave of Oil Bankruptcies Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. According to Energy and Restructuring law firm Hayes and Boone’s, a grand total of 50 energy companies filed for bankruptcy last year, including 33 oil and gas […]
Yesterday, crude prices closed up slightly on hopes that the US will soon reach a deal on a $2 trillion coronavirus aid package. Crude prices are up this morning supported by steps by the US Federal Reserve to bolster the economy. The Federal Reserve is doing everything in its power to limit the slide in […]
Crude prices remain close to their lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade. Prospects of a rare détente between OPEC and the biggest US oil state faded as quickly as they rose as Texas regulators and explorers clashed over a proposal to cap […]
