{"id":52728,"date":"2020-04-23T14:24:57","date_gmt":"2020-04-23T19:24:57","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52728"},"modified":"2020-04-23T14:25:00","modified_gmt":"2020-04-23T19:25:00","slug":"how-oil-prices-could-go-to-100","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52728","title":{"rendered":"How Oil Prices Could Go To $100"},"content":{"rendered":"\n

How Oil Prices Could Go To $100<\/a><\/h3>\n\n\n\n

\"Offshore\"<\/h1>\n\n\n\n

\u201cWe\u2019re in a deflationary moment that surpasses anything seen in most people\u2019s lifetimes,\u201d proclaimed a New York Times<\/a> byline on Tuesday, the morning after oil prices went negative. The West Texas Crude Intermediate benchmark plummeted to previously unimaginable depths, closing the day at negative $37.63 per barrel.  The novel coronavirus has wreaked unprecedented havoc on the global economy, shutting down entire industrial sectors and bringing countries across the world to a halt as the global community shelters in place to slow the spread of the COVID-19 pandemic. Economists have warned that the fallout is going to be the largest economic downturn that we have seen in our lifetimes, but few could have foreseen the absurdity of negative oil prices. <\/p>\n\n\n\n

Few, but not none. Three weeks ago, on April 1, CNBC published a report<\/a> titled \u201cOil prices could soon turn negative as the world runs out of places to store crude, analysts warn,\u201c which predicted exactly what is happening now. \u201cGlobal 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\u2019s most powerful crude producers start to ramp up their output.\u201d<\/p>\n\n\n\n

While the situation is totally unprecedented it\u2019s impossible to say what will happen next for oil markets, some experts think that oil is poised for a major comeback. Even though oil prices are lower than they have ever been, \u201cone energy fund thinks $100 a barrel is achievable,\u201d reported the Midland Reporter-Telegram earlier this week. At the time of the report, oil was only at an 18-year low rather than an all-time low. The article intro continued:\u00a0 \u201cBut first, prices need to fall even further.\u201d Well, they got their wish.\u00a0<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

How Oil Prices Could Go To $100 \u201cWe\u2019re in a deflationary moment that surpasses anything seen in most people\u2019s lifetimes,\u201d proclaimed a New York Times byline on Tuesday, the morning after oil prices went negative. The West Texas Crude Intermediate benchmark plummeted to previously unimaginable depths, closing the day at negative $37.63 per barrel.  The novel coronavirus has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[202,15331,592,23083,20311],"class_list":["post-52728","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-deflation","tag-haley-zaremba","tag-oil-price","tag-oil-price-com","tag-us-shale-oil-industry"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52728"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52728\/revisions"}],"predecessor-version":[{"id":52729,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52728\/revisions\/52729"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}