Coming off a long weekend, oil is climbing to fresh highs this morning as positive sentiment endures. The market continues with the mantra “no news is good news” – another day without a major uptick in COVID-19 cases and no unexpectedly low economic data constitutes a win. The IEA’s Executive Director commented this weekend that low oil prices could drive demand […]
Nat Gas News Federal And Provincial Government Assistance For Canada’s Oil And Natural Gas Industry On April 17, 2020, the federal government announced financial relief measures for Canada’s oil and natural gas industry, which has been suffering due to reduced demand brought about by the COVID-19 pandemic and the associated drop in oil prices. The […]
After the first weekly gains in a month, oil markets are still rising despite the latest news on COVID-19. This week, that news is less about health than about politics. Last week, President Trump threatened to impose tariffs on China as punishment for allegedly hiding early information on the COVID-19 threat. This week, the aggressive […]
Sentiments are broadly improving across the market, as COVID-19 cases in most countries appear to have peaked and moved into remission. Now on the other side of the curve, many European countries and American states are looking at reopening their economy in a slow, measured way to aid suffering businesses. At the forefront, Georgia is […]
The last week of crude oil prices may go down in history as the most unique week, ever. Besides setting the largest one-day price drop in history (both by percent and by dollars), crude oil futures showed that $0/bbl is not the lower limit for oil markets. Whether this week’s negative oil prices become an […]
After breaking below $20/bbl and setting at $19.87 for two straight days, WTI crude oil is experiencing some strong bearish pressure. The sell-off appears to be more technical in nature, as fuel prices remain in the black today. The IEA this week reported that 2020 oil demand will be 9.3 million barrels per day (MMbpd) […]
Yesterday’s 24.7% gain for WTI crude was the largest single-day percentage gain in product’s trading history, surpassing the record set on March 19 this year. Before that, one would need to look back to 2008 for the next largest gain of just 18% in a single trading day. What has the market in such a […]
Nat Gas News Natural Gas Markets Beyond COVID-19 Forbes: In a less spectacular fashion than oil, international natural gas prices have fallen. The explanation goes far beyond low demand related to the COVID-19 pandemic or demand in general. It relies on a much larger and more complicated array of factors that include supply and demand […]
The oil price wars have begun. Prices are down by the largest amount since the 1991 Gulf War, and agencies are racing to reconsider their price forecasts for the year. The stock market halted trading immediately after reopening due to massive losses. What’s going on? On Friday, Russia fired the first shot of the war. […]
Oil markets are continuing their steep drop, in a sell-off reminiscent of the price crashes seen in 2015-16 and, before that, in 2009. Crude oil and diesel prices have shed nearly 30% of their value since the beginning of the year, while gasoline losses are around 22%. Crude prices are at their lowest level in […]
