US crude oil inventories near all-time highs as demand dries up April 22, 2020 US crude oil inventories neared record levels today as producers continued to pump despite a near-total collapse in demand. Crude inventories rose by 15m barrels in the week to April 17 to 518.6m barrels, putting them within striking distance of an all-time record of 535m barrels set in 2017. Rystad Energy analysts had predicted an [...]
US stocks open higher on earnings and coronavirus stimulus April 22, 2020 US stocks have opened sharply higher as investors put oil market chaos behind them to focus on corporate earnings and a new coronavirus stimulus package from Congress. Wall Street’s Dow Jones stock index was up 1.6 per cent just after the bell. The S&P 500 was 1.6 per cent higher and the Nasdaq had climbed [...]
Analysis: Why oil prices turned negative, and might do again April 22, 2020 On Monday night oil prices turned negative for the first time in history, as traders started paying to have barrels of oil taken off their hands due to the total collapse in demand caused by coronavirus. The unprecedented scenes were a result of a number of coalescing factors which created a situation in which buying [...]
FTSE 100 rises as investors look past tumbling oil prices April 22, 2020 The FTSE 100 has risen as investors look past the chaos in oil markets to signs that the coronavirus outbreak could be peaking and some surprisingly positive company results. Britain’s FTSE 100 stock index closed up 2.3 per cent this afternoon, at 5770.63. It had fallen around three per cent yesterday. European stocks were also [...]
BEQUANT Insights expand partners… April 22, 2020 | City Talk Based on research from Don Tapscott’s Blockchain Research Institute, BEQUANT will be providing insights into blockchain and digital asset technology, because our mission is to offer our clients, partners and market participants the best information possible, providing thought provoking insights and that competitive edge. Whether its Bitcoin or a Tokenized asset our mission is to [...]
How will Blockchain revolutionise financial services? April 22, 2020 | City Talk In a recent PwC report, it was estimated that distributed ledger technology could reduce financial services infrastructure cost between US$15 billion and $20 billion per annum by 2022. This would positively impact both business and consumer banking in many unexpected ways. To truly understand the magnitude of the problem Blockchain can solve, one should look [...]
Brent crude tumbles overnight to lowest oil prices since millennium April 22, 2020 The price of worldwide benchmark Brent crude tumbled overnight as the global rout of oil prices continued on fears that storage space is rapidly running out. At its nadir, Brent crude fell over 18 per cent to $15.98, a level last seen before the turn of the millennium in mid-1999. As trading opened in London, [...]
The City View podcast from City A.M., with David Buik April 22, 2020 In this episode Christian is joined by legendary City commentator and market analyst, David Buik. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS David is one of the best known and most recognisable financial commentators in the City with more than 40 years of experience behind him. His weekly emails [...]
June oil futures crash as market grapples with unprecedented glut April 21, 2020 Prices for June oil contracts dramatically crashed this evening as the market faces the prospect of massive oversupply amid plunging demand. The price for a June West Texas Intermediate (WTI) crude future contract fell below $10 (£8.14) this evening, following yesterday’s drastic crash of May WTI contracts. Yesterday, May WTI future contracts went negative for [...]
Donald Trump calls for state aid to protect battered oil companies April 21, 2020 US president Donald Trump said this afternoon that he had asked the federal government to develop plans to protect domestic oil firms after extraordinary levels of volatility sent prices negative for the first time in history. On Twitter, the president wrote: “We will never let the great US Oil & Gas Industry down. “I have [...]