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 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 […]
The Saudis Have a High-Stakes Plan to Win the Global Oil War What started as a price war may turn out to be a much more important strategic rethinking of Saudi oil production policy, as the kingdom seeks to monetize its giant petroleum reserves as fast as possible rather than shepherding that store of wealth […]
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 […]
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 […]
The crude market experienced one of the worst downturns since 2008 this week. The major news moving markets was the beginning of the oil price wars between Russia and Saudi Arabia, causing the largest single day drop (over 20%) since the 1991 Gulf War. News of Saudi Arabia’s plans to pump 25% more crude next […]
After a week of panic selling and market struggles, both equities and commodities are beginning to find their footing, providing a reprieve (however brief) from the bear market. Of course, it’s hard to determine how much of today’s rally is short covering versus a slow return to normalcy. While equities have been spooked by coronavirus […]
Crude followed equities lower yesterday on continued news of the spreading coronavirus. The World Health Organization has officially labeled the situation a pandemic. Downward pressure continued with crude prices falling overnight after President Trump said the US would restrict all travel from Europe for the next 30 days to try to contain the coronavirus. In […]
Nat Gas News Premium of U.S. oil over natural gas falls to lowest in over a year Oil and Gas 360: The collapse of U.S. oil prices earlier this week and a rise in natural gas futures cut the oil-to-gas ratio to its lowest since January 2019, as some analysts saw a silver lining in […]
Yesterday, crude rose following equities higher even in the face of somewhat bearish API inventory news. Crude prices are down this morning, giving back some gains in overnight trading. Prices were pressured by Saudi Arabia’s plan to boost oil production and weakened demand caused by the coronavirus. In a further sign that Saudi Arabia is […]
