Posted on 04/19/2020 7:58:47 PM PDT by MeneMeneTekelUpharsin
SINGAPORE (Reuters) - Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate of reports on weak fuel consumption and grim forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency.
The volume of oil held in U.S. storage, especially at Cushing, Oklahoma, the delivery point for the U.S. West Texas Intermediate (WTI) contract, is rising as refiners throttle back activity due to slumping demand. The front-month May WTI contract was down $2.62, or 14%, to $15.65 a barrel by 0142GMT. At one point, the contract had fallen as much as 21% to hit a low of $14.47 a barrel, the lowest since March 1999.
(Excerpt) Read more at finance.yahoo.com ...
Low info folks are blaming Trump on social media for trying to raise the price of oil. I don’t think they understand how the universe works.
Thanks! Will do.
Yes. Bad news for USA shale companies.
Really bad news also for the Alberta oil sands. They face artificial low prices anyway because of lack of pipelines.
American light is more than 20% down by now. Well under $15.
The low prices won’t last for long with such a beating on oil market. Who would sell you gas if all the producers are belly up?
My research indicates Exxon has debt issues...
Come north. Neosho,Missouri has gas at 94 cent$. Cheaper still in Poplar Bluff, MO. 79 cent$. Crazy...
Plummeting now. $12.46 per barrel.
That's why DOW futures went from -394 to -480 in a click.
Seems like rebound started, bought some with close stop.
DOW futures right now at -515.
I am now talking about WTI futures, although there is a chance I’d get no luck today.
As for DOW it has to fall, we discussed it here on April, worked exactly as predicted.
On April, 8th.
I’m going to buy again....soon.
Oil is fungible. Cost does not attach to it by unit
Excellent! I am too. I love this site.
I managed to jump out by stop on first trade. $5 is still too cheap.
This “news” is meaningless. The same WTI contract will be $20 Wednesday after this one expires. The media are idiots who spread ignorance and panic.
This has ZERO effect on gas prices. Gasoline futures have been rising about 14% in the past two weeks after hitting a low of 1.50, now 1.71.
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