A new economic era beckons after this crisis April 29, 2020 | City Talk Current events likely mark a turning point in economic policy and the end of a 40-year spell of free market capitalism. Nobody can know how long the Covid-19 crisis will last, but I think that regardless of this it will mark a profound long-term change in economic policy. It is likely a turning point in [...]
Oil prices plunge: WTI nears $10 as storage fears increase April 28, 2020 Oil prices continued to slide this morning as traders rushed to withdraw their money from upcoming futures delivery contracts amid fears they will have nowhere to put the substance. With storage space running severely scarce around the world, exchange-traded funds are trying to avoid a similar situation to last week’s price crash by selling out [...]
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 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 [...]
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 [...]
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 [...]