Mid-Week Review – March 25, 2020

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 […]

Fed Enacts Measures to Bolster Economy

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 […]

Texas and OPEC – No Agreement

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 […]

Week in Review – March 20, 2020

The crude market was down substantially (-26.7%) for the week.  The major news moving markets this week started over the weekend when the Fed made an emergency cut to interest rates bringing them to nearly zero.   While this was meant to energize the markets, it had the opposite effect.  Equities and crude both moved lower […]

Crude Rises 25% as US Considers Oil Support

Crude oil prices closed with 25% gains yesterday – which under normal circumstances would have caused mixed jubilance and panic for traders and unequivocal terror for fuel buyers. But the $5 pick-up from Wednesday’s $20 close hardly seems a cause of concern.  Oil prices remain at incredibly low levels. US policymakers are reportedly making plans […]

No End in Sight for Oil Price War

A sell-off over the last three days had taken the market for WTI crude near $20/bbl.  The falling demand due to the coronavirus and the oil price war between Saudi Arabia and Russia have driven prices down.  Yesterday crude followed equities lower to new lows that had not been matched since 2003.  Oil prices have […]

Crude at 17-Year Low

Crude prices are trading at 17-year lows. Quarantines and social isolation practices to inhibit the spread of the coronavirus have put extreme downward pressure on crude and products demand and prices.  Surprisingly, the API reported draws in crude and products, but this bullish news was overshadowed by coronavirus demand destruction and Saudi plans to flood […]

Goldman Sachs Slashes Brent Target to $20

Yesterday, crude prices fell over 10% as markets considered how to account for the demand destruction caused by the coronavirus.  Both WTI and Brent crude fell below $30/bbl yesterday – to the lowest level in four years.  Equities also dropped more than 10% yesterday in a round of panic selling touched off by the Fed’s […]

Fed Announces Emergency Rate Cut to Near-0%

Markets are continuing to take a beating this morning, following an emergency Federal Reserve interest rate cut over the weekend which sent a new wave of jitters to investors. Having already cut rates by 0.5% two weeks ago, the Fed this weekend slashed rates by another 1%, bringing them to essentially zero. The cut represents […]

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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