Articles by admin

(Bloomberg) — Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.“This will likely be a game-changer for the industry,” Goldman Sachs Group Inc. analysts including Jeffrey Currie and Damien Courvalin said in a March 30 note. “It is impossible to shut …read more […]

…read more […]

…read more […]

U.S. crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a 4 million barrel build-up, data from industry group the American Petroleum Institute showed. Wednesday’s opening session left oil prices marooned near their lowest levels since 2002 amid the global coronavirus crisis that has brought worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70% after record losses in March. …read more […]

(Bloomberg) — The coronavirus pandemic has frozen the Chinese gold market, torpedoing demand at a time when investors elsewhere in the world are clamoring for the safety of bullion.China is the biggest buyer of gold bars, coins and jewelry, but the national shutdown to contain the virus has emptied malls, while the premium charged to buy the metal in China has evaporated. It leaves the industry staring down a long road to recovery, even as Beijing tries to jump-start broader consumption with a campaign to get shoppers out and about.The market’s struggles in China may present a headwind for prices, …read more […]

The U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the emergency oil reserve, as it seeks to comply with President Donald Trump’s directive to fill the facility to capacity, two industry sources said. The Strategic Petroleum Reserve, or SPR, has the capacity to take another 77 million barrels of oil, a little less than the country uses in four days. Trump ordered the Department of Energy, or DOE, on March 13 to take advantage of low oil prices and fill the reserve “to the top”, in …read more […]