• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 3 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 1 hour America's pandemic dead deserve accountability after Birx disclosure
  • 6 hours Putin blocks Ukraine access to Black Sea after Joe blinks
  • 5 hours U.S. Presidential Elections Status - Electoral Votes
  • 16 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 2 days Fukushima
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 6 hours Biden about to face first real test. Russia building up military on Ukraine border.
Oil And Gas Bankruptcies Jump Despite Rise In Crude Prices

Oil And Gas Bankruptcies Jump Despite Rise In Crude Prices

Oil prices have risen significantly…

China’s Shale Gas Industry Is Finally Taking Off

China’s Shale Gas Industry Is Finally Taking Off

After years of lackluster drilling…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Glut Could Grow To 1 Billion Barrels

Crude oil futures are set to finish the week sharply lower despite a two-day counter-trend rally on Thursday and Friday. The price action suggests that even tremendous levels of monetary and fiscal stimulus from central banks and governments, traders believe the global economy is destined to fall into a coronavirus-driven recession.

Any Gains are Likely to be Temporary

Tumbling demand due to the coronavirus outbreak combined with the collapse of the OPEC+ deal to curb production is expected to bring in a wave of supply starting April 1.

Saudi Arabia, the defacto leader of OPEC, which kicked off a price war with Russia that sent prices plunging, is planning to keep pumping at a record rate of 12.3 million barrels per day (bpd) for months.

“From April 1, about 4 million bpd could flood the markets, potentially pushing down crude oil prices into the teens,” Jefferies said in a note. “Unless somebody intervenes, no oil producer benefits from the current environment.”

Oil Plunge Sets Off Search for Tanks, Revives Dormant Cushing Storage Trade

Reuters reported on Tuesday that rates to store oil at one of the world’s biggest trading hubs are surging, as traders globally scramble to secure space in tanks to cope with slumping demand from the coronavirus outbreak and a flood of supply from the Saudi-Russia price war.

The need for a place to park all that surplus is breathing new life into the market at Cushing,…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News