• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 11 minutes Forecasts for oil stocks.
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 26 mins U.S. Presidential Elections Status - Electoral Votes
  • 4 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 21 hours California breaks 1 GW energy storage milestone
  • 2 days Colonial pipeline hack
  • 3 days Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 1 day Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 4 days Survival of Oil and Gas industry.
The Net-Zero Narrative Is Riddled With Holes

The Net-Zero Narrative Is Riddled With Holes

The net-zero narrative is sweeping…

Clash Of the Energy Titans: Oil vs. Solar

Clash Of the Energy Titans: Oil vs. Solar

The war between the oil…

Editorial Dept

Editorial Dept

More Info

Premium Content

This Oil Rally Won’t Last

Barring any steep jump the rest of the session on Friday, prices are heading for their eighth weekly loss in the last nine, one of the most volatile weeks in the history of oil trading, with nearby expiring May U.S. West Texas Intermediate falling into negative territory to minus $37.63 a barrel on Monday, while Brent fell to a two-decade low.

Traders are saying the late week rally is being fueled by short-covering rather than speculative buying. Nothing has changed in the fundamentals to turn the energy complex bullish the last three days. Once the coronavirus is under control, output should rebound as well as prices, but don’t expect output or prices to return to pre-virus levels for years.

Week Began With Extremely Bearish Outlook

Excess supply caused by the economic fallout from the coronavirus pandemic hammered crude oil at the beginning of the week. 

The selling pressure was so strong, the front-month U.S. futures contract fell into negative territory for the first time in history and set a record for the number of contracts traded on Tuesday. The surge in volume and volatility prompted the CME Group, the world’s biggest commodities exchange, to raise margins on crude oil futures.

Coronavirus Inflicted Demand Destruction

Crude oil prices have plummeted by close to 80% this year as the pandemic has spread across the world and every sector of the economy, killing nearly 180,000 people, routing financial markets and leading…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News