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Tag Archives: oil production
WTI Crashes To 19 Year Low As Trading Reopens; S&P Futures Slide
WTI Crashes To 19 Year Low As Trading Reopens; S&P Futures Slide After a relatively drama-free weekend, futures have started off the new week lower by about 0.4%, trading at 2850, down 20 points from Friday’s CTA inspired and momentum-driven meltup which appears to be reversing as algos realize they have frontrun a rebound in not just […]
For Oil and Its Dependents, It’s Code Blue
For Oil and Its Dependents, It’s Code Blue The great price collapse of 2020 will topple companies and transform states. If oil has been laid low by the coronavirus, then the nations whose economies most depend on it might soon be on ventilators. By any prognosis the great oil price collapse of 2020 has pushed […]
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 […]
Some Oil Producing Nations Agree to Cut Production 10%
Some Oil Producing Nations Agree to Cut Production 10% Oil-producing nations led by Russia, the U.S. and Saudi Arabia reached an unprecedented agreement on Sunday to cut oil production by 9.7 million barrels per day, or nearly 10 percent of what is currently produced, as The New York Times reported. Since the COVID-19 pandemic has triggered lockdowns […]
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots Oil and gas production in the United States has peaked and is already in decline. The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all major shale basins in the country. The Permian is set to lose 76,000 bpd between April […]
US May Pay Shale Drillers Billions To Leave Oil In The Ground
US May Pay Shale Drillers Billions To Leave Oil In The Ground If one listened to the US president, or any other member of OPEC+ in the past few days, this weekend’s history production cut deal (which we said was not nearly enough to offset the plunge in global demand), would have been sufficient to push the […]
FIRST STAGE OF OIL DEMAND DESTRUCTION: U.S. Supply Of Petroleum Products Down 7 Million Barrels Per day
FIRST STAGE OF OIL DEMAND DESTRUCTION: U.S. Supply Of Petroleum Products Down 7 Million Barrels Per day The U.S. is only in the FIRST STAGE of the country’s oil demand destruction. Since the nationwide shutdown announced by the U.S. Government in mid-March, domestic oil demand has fallen more than 7 million barrels per day. In […]
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 […]
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 […]
