Oil prices on brink of another collapse as storage dries up April 27, 2020 Oil prices were on the precipice this afternoon amid fears that a repeat of last week’s historic collapse into the negative could be on the cards. By mid-afternoon, the price of the June delivery contract for US standard West Texas Intermediate (WTI) had dropped nearly 28 per cent as storage facilities across the country approached [...]
Oil prices plunge amid fears of historic crash repeat April 27, 2020 Oil prices plunged this morning amid signs that the world’s storage facilities were on the brink of capacity, raising fears that producers are not cutting output fast enough to offset the collapse in demand. After last week’s historic crash, which saw the price of US standard West Texas Intermediate (WTI) turn negative for the first [...]
Oil prices rally loses steam after week of massive losses April 24, 2020 Global oil prices eased their rally this morning but remained on track for a huge weekly loss after unprecedented levels of volatility left producers and traders alike bruised. Worldwide standard Brent crude rose 1.9 per cent this morning to stand at $21.73, while US benchmark West Texas Intermediate (WTI) gained nearly two per cent to [...]
Oil prices extend rally as producers begin cutting output April 23, 2020 Oil prices continued their rally this afternoon as the global market stabilised after historic levels of volatility earlier this week. By mid-afternoon, global benchmark Brent crude was trading at $22.90, meaning it has gained nearly 50 per cent after yesterday’s slide to pre-millenium levels. US standard West Texas Intermediate (WTI), which began the week by [...]
Oil prices steady after historic crash left market reeling April 23, 2020 Oil traders were on the receiving end of some welcome respite this morning as prices firmed overnight after a week of extreme volatility. After yesterday’s collapse to pre-millenium levels, global benchmark Brent crude continued its rally to rise seven per cent to $21.82. US standard West Texas Intermediate also firmed up, gaining 10 per cent [...]
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 [...]
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, [...]
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 [...]
Brent crude falls below $20 as extreme volatility rattles oil prices April 21, 2020 The price of worldwide oil benchmark Brent crude dropped below $20 for the first time in 18 years this morning after extreme volatility battered global oil markets. A mid-morning plunge sent Brent down to nearly $18, before the commodity recovered to stand 24 per cent down on the day at exactly $20. The fall weighed [...]
Analysis: Can oil prices recover from the coronavirus crash? April 20, 2020 Global oil prices plunged again today amid heightened fears that some producers might have to stop pumping due to the rapid filling of the world’s storage facilities. West Texas Intermediate, the US benchmark, is in freefall, dropping 40 per cent today alone, whilst Brent crude fell over seven per cent. The collapse in prices, coupled [...]