• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 2 hours The Truth about Chinese and Indian Engineering
  • 3 hours Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 1 hour China wields coronavirus to nationalize American-owned carmaker
  • 1 hour China's impending economic meltdown
  • 4 hours Why Oil could hit $100
  • 19 hours The World is Facing a Solar Panel Waste Problem
  • 11 hours Pompeo upsets China; oil & gas prices to fall
  • 3 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 6 hours Brent above $45. Holding breath for $50??
  • 2 hours Open letter from Politico about US-russian relations
  • 1 day Sell Natural Gas Benefits to Grow the Market!
  • 2 days The Core Issue Of US Chaos..Finally disclosed
  • 1 day Trump Suggests Delaying Election Amid Fraud Claims
  • 2 days Rational analysis of CV19 from Harvard Medical School
Are Oil Majors Giving Up On Guyana?

Are Oil Majors Giving Up On Guyana?

Guyana has become a hotspot…

Is Natural Gas Still The Fuel Of The Future?

Is Natural Gas Still The Fuel Of The Future?

Global gas demand continues to…

Editorial Dept

Editorial Dept

More Info

Premium Content

The Worst Is Still To Come For Oil Markets

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are in a position to finish the week sharply lower despite stimulus efforts by policymakers around the world against demand destruction caused by the consequences from the rapid spread of the coronavirus. Both markets are down nearly two-thirds this year and sinking economic activity and fuel demand are expected to worsen as oil companies curtail investments in future activity.

Bearish news continued to dominate the trade this week although some investors saw potential benefits from a pledge by leaders of the Group of 20 major economies to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic.”

The G20 pledge comes on top of a U.S. $2 trillion economic stimulus bill aimed at mitigating the economic damage from the coronavirus outbreak, however, both moves may not be enough to drive up demand for crude oil based on Friday’s price action. Furthermore, a massive surge in unemployment claims indicates fewer employees will be driving to work, which could be a further drag on gasoline demand. On Thursday, the U.S. Labor Department reported that jobless benefit claims had soared to 3.28 million the week-ending March 20, easily eclipsing the previous record of 695,000.

IEA Chief Warns Oil Demand Could Sink 20 Percent

Global demand for oil could fall by 20 percent as…





Leave a comment

Leave a comment




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