• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 5 hours Can I Sue This Site for If People Post Inaccurate Information?
  • 2 hours Would bashing China solve all the problems of the United States
  • 7 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 13 hours Model 3 cheaper to buy than BMW 3 series.
  • 1 hour Incompetent "Journalists"
  • 7 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 20 hours China to Impose Dictatorship on Hong Kong
  • 4 hours Pompeo's Hong Kong
  • 10 hours Thugs in Trumpistan
  • 2 hours China’s Oil Thirst Draws an Armada of Tankers
  • 3 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 1 day Iran's first oil tanker has arrived near Venezuela
  • 2 days Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 1 day 60 mph electric mopeds
  • 2 days Let’s Try This....
Iranian Oil Reaches Crisis-Stricken Venezuela

Iranian Oil Reaches Crisis-Stricken Venezuela

The fourth tanker of Iran's…

The Next Big Wildcard For Oil Markets

The Next Big Wildcard For Oil Markets

Crude futures have seen an…

Editorial Dept

Editorial Dept

More Info

Premium Content

When Will U.S. Oil Storage Reach Its Limit?

1. EM currencies hold up against oil

- Sixteen of 25 emerging market currencies analyzed by Bloomberg are trading near their highest levels in 15 years against Brent crude.
- Typically, oil market downturns drag down a list of oil-producing countries, and the impact bleeds over into broader emerging market assets.
- The data suggests that EM assets are right now tracking economic performances, with an obvious eye on the pandemic. But notably, oil is doing very little to their currencies.
- “If the virus is contained in the next few months and we get a strong economic recovery, I would expect EMFX to outperform oil prices,” Brendan McKenna, a currency strategist at Wells Fargo Securities in New York, told Bloomberg.

2. Rig count nears all-time low

- The U.S. rig count has utterly collapsed, falling to 465 on April 24, down 45 percent in just five weeks.
- The rig count is now closing in on the all-time low of 404 (reached in 2016), dating back 70 years. The low point before that was 488 in 1999.
- “Permian activity is now less than half that needed to offset declines; we estimate Permian oil liquids output will fall 1.08mb/d (23%) by year-end at current activity levels,” Standard Chartered said in a note.
- The bank estimates that output in the Bakken will fall from 1.39 mb/d in April to 1.03 mb/d in December, and output in the Eagle Ford to fall from 1.34 mb/d to 0.87 mb/d over the same time frame.…





Leave a comment

Leave a comment




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