Refineries Slash Throughput, G20 Commits to Global Stimulus

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 […]

Trader Sentiment Starting to Turn Again

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 […]

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 […]

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 […]

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 […]

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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