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Oil market faces storage crisis in a world awash with crude

Jillian Ambrose Sat 25 Apr 2020 16.00 BST Plummeting demand during the coronavirus pandemic has left traders scrambling for ships and other alternative facilities. upergiant oil tankers are floating outside the world’s largest shipping ports with enough oil to meet the world’s daily demand twice over. Only months ago these vessels criss-crossed the globe laden with

Low Oil Prices Aren’t the Oil Industry’s Biggest Problem Right Now

Matthew DiLallo (TMFmd19) Mar 31, 2020 at 8:29AM Author Bio Crude oil prices have cratered over the past few weeks. West Texas Intermediate, the U.S. oil price benchmark, has tumbled from the low $60s earlier this year to around $20 a barrel in recent days. That’s due to a combination of the COVID-19 outbreak’s impact

Oil Watchers See $70 a Barrel in 2019

(Bloomberg) — The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced. The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures in London and New

Oil Dives Lower

(Bloomberg) — Oil dived lower near $49 a barrel as investors sought more assurance that OPEC’s output cuts will work in the face of surging U.S. supply, and as a sell-off in wider financial markets hit sentiment. Futures in New York slipped as much as 2.7 percent, after closing below $50 on Monday for the

Oil Prices Fall Below Key Thresholds

West Texas Intermediate (WTI) and Brent crude oil futures on Monday settled below the psychologically significant $50 and $60 marks, respectively. WTI crude oil for January delivery fell by $1.32 to settle at $49.88 a barrel. The U.S. benchmark peaked at $51.87 and bottomed out at $49.09. The February Brent crude oil futures prices moved

LNG Sanctions Set to Surge in 2019

Uncontracted demand by the world’s seven largest liquefied natural gas (LNG) buyers could increase four-fold to 80 million tonnes per annum (mtpa) by 2030, according to Wood Mackenzie. “As China pushes on towards a lower-emission economy, its demand for gas and LNG has grown significantly and we expect the trend to continue in the longer