• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 9 minutes California breaks 1 GW energy storage milestone
  • 40 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours U.S. Presidential Elections Status - Electoral Votes
  • 4 hours China Producing Half of the Worlds Electrical Vehicle Batteries is Experiencing Explosive Pollution
  • 10 mins Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 3 days Colonial pipeline hack
  • 2 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

WTI Rallies 24% In Panic Stricken Markets

Oil prices may still be trading down by double digits from the start of the year, but WTI rallied on Thursday for what is probably its best day ever, increasing by 24.53% on the day in afternoon trading.

It’s possible WTI just came off its worst day ever, after on Wednesday as traders feared there would be no end to the oil price war at a time when the coronavirus continues to ravage oil demand—first in China, and now in the United States. The two unfavorable supply and demand once-in-a-lifetime situations (or a few-times-in-a-lifetime if you’re talking about OPEC ramping up production to squeeze everyone else out of the market) pushed oil prices down by double digit percentages on Wednesday.

But WTI has since rebounded, after the Trump Administration proposed new measures aimed to stimulate the economy as businesses are forced to shutter and many employees are finding themselves at least temporarily out of a job.

The dire situation in the oil markets are putting pressure on Saudi Arabia, other OPEC members, and Russia, all who are fighting for market share by ramping up their oil production. The current limitations on global oil storage are concerning, as are the viability of the entire US shale industry, which most suspect has an average breakeven well above today’s current price.

The question remains now how long the oil price war will last, which will largely be determined by which overproducer will buckle under either the pressure applied by oil-dependent nations who are not able to make ends meet, or under the pressure of its own inability to make ends meet.

At 1:26 pm EDT, WTI was trading at $25.32, or up $4.58 (+21.56%) on the day. Brent crude was up $3.31 (13.08%) on the day at $30.18.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Jessie Phillips on March 19 2020 said:
    And gas prices continue to stay at the $40 a barrel mark.....

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