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Tag Archives: oil supply
Canadian Oil Sands Per Barrel At $4.47, Now Cheaper Than 12-Pack Coke, $5.08
Canadian Oil Sands Per Barrel At $4.47, Now Cheaper Than 12-Pack Coke, $5.08 The collapse of global oil demand has impacted the price of Canadian Oil Sands to such a degree, the price of a barrel is now cheaper than a 12-pack of Coke purchased at Walmart. According to oilprice.com, the current price of a barrel […]
Oil Tumbles After IMF Slashes Global Growth Forecast
Oil Tumbles After IMF Slashes Global Growth Forecast As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s. “This crisis is like no other,” Gita Gopinath, the IMF’s chief economist, wrote in a foreword to its semi-annual report. “Like […]
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines Back in the second half of 2015, shortly after Saudi Arabia unleashed the (first) OPEC disintegration by flooding the market with oil in hopes of killing US shale (so deja vu… only back then it took it about two years for it […]
Slash Oil Output Or Else! Senate Bill Would Remove US Troops From Saudi Arabia In 30 Days
Slash Oil Output Or Else! Senate Bill Would Remove US Troops From Saudi Arabia In 30 Days A new bill has been introduced in the Senate which if passed would punish Saudi Arabia over failure to cut oil production by removing all US troops from the kingdom within 30 days. Sen. Bill Cassidy (R-LA) introduced it […]
In Late Thriller, OPEC Production Cut Deal Collapses After Mexico Gives Crown Prince The Finger
In Late Thriller, OPEC Production Cut Deal Collapses After Mexico Gives Crown Prince The Finger Earlier today we reported that following a dramatic objection to the OPEC+ production cut which was agreed upon by Russia and Saudi Arabia (but few other OPEC members), Mexico had initially threatened to quit OPEC as it refused to comply with the […]
Oil Turns Negative After Russia, Saudis Agree To Cap Output At 8.5MM B/D For 2 Months
Oil Turns Negative After Russia, Saudis Agree To Cap Output At 8.5MM B/D For 2 Months Update (1350ET): What started off euphorically, has quickly become R-OPEC’s latest dud, with oil now sliding red on the day after earlier surging more than 10%, following the latest news out of the oil producerteleconference, according to which Russia and […]
Oil Spikes After Russia Says Ready For “Substantial Output Cut”, But Warns 10MMb/d Cut Not Enough
Oil Spikes After Russia Says Ready For “Substantial Output Cut”, But Warns 10MMb/d Cut Not Enough Over the weekend, following the biggest ever oil short-squeeze in history following rampant hopes that Saudi Arabia and Russia were considering putting their differences aside and cutting up to 10mmb/d in oil output, we said that in a world where oil […]
The Fate Of Oil’s Torrid Rally Hinges On Trump’s Meeting With US Shale Producers Today: Here’s Why
The Fate Of Oil’s Torrid Rally Hinges On Trump’s Meeting With US Shale Producers Today: Here’s Why Oil has staged a tremendous surge in the past 48 hours, largely on the back of speculation that Trump will “encourage” Saudi Arabia and Russia to pursue output cuts, even though as it subsequently emerged when Trump tweeted […]
Unprecedented Demand Destruction Marks The Return Of The Super Contango
Unprecedented Demand Destruction Marks The Return Of The Super Contango These days, every corner of the oil market is “unprecedented”—from the demand destruction to the supply surge and the resulting glut. The oil futures curve is no exception and is also in a state never seen before. This is the super contango, the market situation in […]
Oil Surges On Report China Buying For Strategic Reserve, Hopes For Saudi-Russia Truce
Oil Surges On Report China Buying For Strategic Reserve, Hopes For Saudi-Russia Truce Oil surged as much as 13% this morning following a report that China is planning to start buying cheap crude for its strategic reserves, as well as speculation that President Trump said he thought Saudi Arabia and Russia would resolve their differences […]
WTI Extends Losses After Biggest Crude Build Since 2016
WTI Extends Losses After Biggest Crude Build Since 2016 After its worst quarter ever, as COVID-19 lockdowns crushed demand, raising fears about overflowing storage tanks amid a price war that has flooded the market with extra supply, all eyes are glued to today’s official inventory data (after API reported a major surprise build in crude and […]
Whiting Petroleum Files For Prepackaged Bankruptcy
Whiting Petroleum Files For Prepackaged Bankruptcy Talk about a coincidence: just as we were discussing why April would be “apocalyptic” for the oil industry, as Saudi Arabia just unleashed an unprecedented record amount of oil to buyers in a scramble to put its high-priced competitors out of business, warning that “countless oil producers would file […]
Texas Or Canada: Where Will Oil Hit $0 First
Texas Or Canada: Where Will Oil Hit $0 First Looking at the future of oil prices, Goldman was downright apocalyptic in its short-term forecast, when in a note published this morning, the bank’s chief commodity strategist Jeffrey Currie speculated that as the current production glut “shock” cripples the crude transportation networks, “a producer would be […]
Energy Collapse, Earnings Ennui, & Consumer Credit Cracks
Energy Collapse, Earnings Ennui, & Consumer Credit Cracks Summary: The energy sector has lost extraordinarily $1.15trn in market value this year as oil prices have plunged to almost unimaginable levels. In this equity update we provide investors with different ways to play the havoc in the energy sector. We also take a look at earnings this week […]
