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Keyword: oilprice

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  • Oil prices rally as producers tackle supply glut

    04/30/2020 6:25:03 AM PDT · by knighthawk · 2 replies
    Fox Business ^ | April 30 2020 | Jonathan Garber
    Oil prices surged for a third straight day Thursday amid evidence that fuel demand is starting to return, compounding the benefit from production cuts by the world’s largest producers starting on May 1. West Texas Intermediate crude oil, the U.S. benchmark, was trading up 17 percent at $17.65 per barrel while Brent crude oil, the international benchmark, was higher by 13 percent at $25.43 per barrel. The energy components fell 75 percent and 65 percent, respectively, this year through Wednesday.
  • Bankruptcy looms over U.S. energy industry, from oil fields to pipelines

    04/24/2020 6:14:19 PM PDT · by MeneMeneTekelUpharsin · 22 replies
    Reuters ^ | 23 April 2020 | Jessica Resnick-Ault, David French
    NEW YORK (Reuters) - U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads while engulfed in the worst crisis the oil industry has faced. SNIP About half of the top 60 independent U.S. oil producers are in danger of restructuring and will need to find ways to boost their cash pile, according to energy lawyers at Haynes and Boone. SNIP Demand, however, is down by roughly 25% in the United States, and oversupply is expected to linger for months. An April survey of energy producers by the...
  • Flood Of Saudi Oil To Hit U.S. Shores As Prices Hit $10

    04/20/2020 9:09:15 AM PDT · by DannyTN · 107 replies ^ | Apr 20, 2020 | Tsvetana Paraskova
    ... Last week, The Wall Street Journal reported that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019. The tankers were loaded before OPEC+ struck a new agreement to take 9.7 million bpd off the market in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March. ...
  • Oil drops to 11 dollars per barrel!!

    04/20/2020 6:43:17 AM PDT · by hapnHal · 139 replies
    Fox TV news | 20 April 20 | hapnHal
    Fox morning news is reporting that Oil Prices have dropped to 11 dollars per barrel. What does this mean? Eliminate and/or reduce gas taxes and we may have .33 cents per gallon gas again.
  • OPEC, allies agree to cut oil output by record amount

    04/12/2020 5:29:39 PM PDT · by bitt · 21 replies ^ | 4/12/2020 | zack budryk
    OPEC, Russia and other oil-producing countries, collectively known as OPEC+, have reached a tentative deal to cut oil output by 9.7 million barrels a day due to the coronavirus pandemic. Talks between the countries had hit a last-minute hurdle last week when Mexican President Andrés Manuel López Obrador appeared reluctant to cut his country's production levels. But Mexico's energy secretary confirmed Sunday that a deal had been reached. President Trump confirmed Sunday that a deal had been reached. The countries’ delegations are set to hold an emergency meeting Sunday evening to finalize talks, Azerbaijan’s energy minister said, telling CNBC the...
  • Throwback Thursday and I Have Things To Do

    04/09/2020 5:33:21 AM PDT · by NOBO2012 · 7 replies
    MOTUS ^ | 4-9-20 | MOTUS
    While I was looking around for something else I stumbled upon this joke that JtE left over 6 years ago: Janice the American Elder • 6 years agoThere was a man stuck in a traffic jam on the freeway, and his car hadn't moved in half-an-hour. Suddenly, someone knocks on his window. He rolls down the window and sees a man standing there next to his car. He asks "So, what's up?"    The standing man says "There was a news alert on the radio. Terrorists have taken all of congress hostage. If they aren't paid ten million dollars, they...
  • Oil Prices Set to Crater as Russia, Saudi Arabia Meeting Delayed Amid Tension

    04/05/2020 6:47:06 PM PDT · by nickcarraway · 44 replies
    NBC Miami ^ | April 5, 2020 | Pippa Stevens, Patti Domm and Brian Sullivan
    The U.S. oil industry is divided on whether it could or should contribute to production cuts in an effort to stabilize pricesThe virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, amid mounting tensions between Saudi Arabia and Russia. The meeting will now “likely” be held on Thursday, sources said. The Monday meeting was set after President Donald Trump said to CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15...
  • Trump Tweet Sends Oil Soaring 25%

    04/02/2020 8:40:09 AM PDT · by bananaman22 · 15 replies ^ | 04-02-2020 | Para
    Oil prices spiked on Thursday morning after U.S. President Donald Trump said that he spoke with the Saudi Crown Prince, and hoped and expected that Saudi Arabia and Russia would “cut back approximately 10 Million Barrels, and maybe substantially more,” sending oil prices soaring by 20%.
  • $1 Oil: Saudi Arabia's Attempt To Crush U.S. Shale

    04/01/2020 3:41:07 PM PDT · by nickcarraway · 88 replies
    Oilprice ^ | Tom Kool
    After having crashed nearly 70 percent in the first three months of 2020, benchmark WTI prices are trying to form a bottom around $20 per barrel. But this psychological threshold is looking increasingly shaky as global crude storage facilities are filling up at an unprecedented pace. OPEC and its partners officially ended their output cut deal today, following the words of Russian Energy Minister Novak that every producer is ‘’free to pump at will’’. With a flood of physical crude set to hit the market, it will take weeks, not months, for global oil storage space to run out. The...
  • Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

    04/01/2020 11:38:35 AM PDT · by C19fan · 68 replies
    CNBC ^ | April 1, 2020 | Sam Meredith
    Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output. The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people. It has created an unprecedented demand shock in energy markets, with storage space – both onshore and offshore – quickly running out.
  • Oil prices could fall below zero: Analyst

    03/18/2020 12:12:24 PM PDT · by 11th_VA · 127 replies
    Fox Business ^ | March 18, 2020
    Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst. West Texas Intermediate crude oil, the U.S. benchmark, fell by more than 10 percent Wednesday to near $24 a barrel, a level last seen in April 2002. “Oil prices can go negative,” wrote Paul Sankey, managing director at Mizuho Securities. If that weren't enough, Saudi Arabia recently slashed oil prices and raised output after Russia refused to join OPEC in deepening production cuts. Oil is a 100 million barrel-per-day market, but Sankey says it’s possible that the economic fallout from the...
  • Oil falls 23% in 3rd worst day on record, sinks to more than 18-year low

    03/18/2020 10:54:58 AM PDT · by C19fan · 44 replies
    CNBC ^ | March 18, 2020 | Pippa Stevens
    Oil dropped 23% to a more than 18-year low on Wednesday as the coronavirus pandemic continues to sap demand for crude and as rising worries about a global recession lead to fears of longer-term demand destruction. U.S. West Texas Intermediate crude fell 23.78%, or $6.41, to $20.55 per barrel, its lowest level since Feb. 2002. WTI is on pace for its third worst day on record. International benchmark Brent crude shed 13.75%, or $3.97, to trade at $24.76, its lowest level since 2003.
  • Dow plunges, oil craters as Congress weighs $1T stimulus

    03/18/2020 8:15:44 AM PDT · by knighthawk · 83 replies
    Fox Business ^ | March 18 2020 | Jonathan Garber
    U.S. equity markets plunged in the opening minutes of trading, gutting a rebound on Monday. The Dow Jones Industrial Average fell 1,268 points, or 5.9 percent, while the S&P 500 and Nasdaq Composite were lower by 5.4 percent and 5.5 percent, respectively. Trading is halted if the S&P 500 falls by 7 percent. The early selling comes as the Trump administration and Congress hammer out the details of a $1 trillion stimulus package designed to prop up the most harshly pummeled sectors of the U.S. economy and give cash to those out of work.
  • Is $10 Oil On The Horizon?

    03/16/2020 1:22:28 PM PDT · by nickcarraway · 46 replies
    Oilprice ^ | Mar 16, 2020 | Andreas De Vries
    According to a number of cognitive scientists, mankind uses its unique ability to reason primarily for justifying pre-held convictions, rather than for forming convictions. It is of critical importance for strategists to understand and acknowledge this human tendency, as it causes one to easily fall prey to a number of cognitive biases, which prevent one from seeing things how they really are, and more important for the strategist, how they are likely to become. One of the most famous cognitive biases is confirmation bias. As we prefer to be proven correct, we naturally incline towards information that confirms our views...
  • Exxon to cut activity in Permian Basin as oil prices plummet

    03/05/2020 1:00:19 PM PST · by CedarDave · 14 replies
    The Albuquerque Journal ^ | March 5, 2020 | Cathy Bussewitz, AP
    Exxon Mobil plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand. The price of a barrel of oil has fallen more than 20% since the start of the year, and 8% in the last month, with energy demand expected to shrink as the outbreak drags on the global economy. Exxon will reduce the number of rigs in the Permian basin, a region that stretches across the border of New Mexico and Texas. Capital expenditures include expenses such as drilling and...
  • Dow plunges over 2,000 points, oil collapses amid price war and coronavirus

    03/09/2020 2:23:06 PM PDT · by Red Badger · 66 replies ^ | 03/09/2020 | By Jonathan Garber
    The steep stock selloff prompted rare trading halts U.S. equity markets tumbled Monday after an oil price war broke out between Saudi Arabia and Russia and amid new cases of coronavirus, especially in America. The Dow Jones Industrial Average closed over 2,000 points lower, coming back from a point drop of more than 2,150 points, or 8.2 percent, at session lows while the S&P 500 and Nasdaq Composite were lower by 7.9 percent and 7.2 percent, respectively.
  • Dow Futures Tumble 900 Points As All-Out Oil Price War Adds To Coronavirus Stress

    03/08/2020 3:21:01 PM PDT · by Enlightened1 · 84 replies
    CNBC ^ | 03/08/20
    Stock futures tumbled in overnight trading Sunday as investors continued to brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety.Futures on the Dow Jones Industrial Average plunged more than 900 points. The S&P 500 futures also indicated a 4% drop at the open on Monday. The sharp declines in the futures market pointed to more turbulence ahead after a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight.Saudi Arabia on Saturday slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the...
  • Dow Plummets 2,000 points, S&P 500 Sinks More Than 7% Amid Oil Price War

    03/09/2020 11:41:24 AM PDT · by Enlightened1 · 102 replies
    Stocks cratered Monday as investors grappled with the sinking price of oil and the spread of the coronavirus.The Dow Jones Industrial Average tanked 2,043 points, or 7.9%, on pace for its worst day since December 2008. The S&P 500 plunged 7.5%. The massive sell-off triggered a key market circuit breaker minutes after the opening bell. Trading was halted for 15 minutes until reopening at 9:49 a.m. ET.  The sharp declines followed a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight. While Monday’s drop was significant, it still didn’t crack the 20 worst days for the S&P...
  • Exclusive: CBOE VIX index froze at open: exchange official

    03/09/2020 10:50:28 AM PDT · by Oldeconomybuyer · 9 replies
    Reuters ^ | March 9, 2018 | by Aaron Saldanha
    Trading in options on Wall Street’s fear gauge was impossible in the first minutes of Monday’s session due to a complete absence of prices from the market makers on whom trading depends, a representative of index operator CBOE Global Markets Inc (CBOE.Z) said. CBOE Senior Trade Desk Specialist Ryan Stone told Reuters that VIX options were tradable at 9:51 am ET (1351 GMT) but a lack of liquidity led to a lag of about seven minutes until the first trade, around 9:58 am ET. The VIX surged after trading resumed to its highest level since December 2008 after trading in...
  • Oil prices plunge, hit by erupting Saudi-Russia oil price war

    03/09/2020 10:09:09 AM PDT · by Oldeconomybuyer · 43 replies
    Reuters ^ | March 9, 2018 | by Stephanie Kelly
    NEW YORK - Oil prices crashed on Monday, suffering their biggest daily rout since the 1991 Gulf War, after the collapse of an OPEC+ supply agreement that now threatens to overwhelm the world with oil, inciting panic throughout the energy sector. After failing to come to an agreement to cut supply, Saudi Arabia and Russia over the weekend pledged instead to ramp up production, which could quickly flood global markets with oil at a time when demand has already weakened substantially. The market’s reaction has been furious, with crude futures plunging by nearly 20%, while energy stocks collapse as shale...