If you look just at the chart, there are a lot of encouraging signs for stocks right now. The S&P 500 hit its low on March 23, exactly three weeks ago, and has recovered around half its losses in that short time. If this morning’s pre-market rally lasts, we...
The offshore drilling market is set to be one of the worst-hit in the oil price crash and demand collapse, as companies are reassessing drilling programs and canceling or halting offshore contracts, IHS Markit said in its latest Offshore Marine Monthly analysis on Monday. Demand for offshore supply vessels (OSV) is expected...
The Treasury Department has confirmed that economic impact paper checks from the $2.2 trillion coronavirus stimulus relief package have already started going out and are in the mail. Department officials are walking back Treasury Secretary Steven Mnuchin’s comments at a White House gaggle with reporters where he said they would start going...
Confidence We’re now talking about the process for re-opening businesses across the U.S. economy. But it would be a mistake to assume that the sooner the economy is open, the sooner we’ll get back the strong economy the coronavirus left behind. Because while monetary and fiscal stimulus have preserved some consumers’ and businesses’ ability to spend, none...
Oil prices plunged to a record low and into negative territory on Monday as uncertainty mounted about storage for excess supply. WTI crude oil futures expiring in May plunged 321%, to -$40.32 a barrel, while Brent crude slid 9.5%, to $25.41 at intrasession lows. The coronavirus pandemic has torpedoed demand for...
The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil industry even worse. With oil demand crashing in the lockdown and storage capacity filling up fast, more Saudi oil imports...
The front-month WTI crude contract crashed by 37 percent early on Monday as the May contract expires on Tuesday and the market fears there is not much storage left in the United States amid collapsing demand in the coronavirus pandemic. At 8:54 a.m. EDT on Monday, the front-month WTI Crude price was...
Despite the historic OPEC+ production cut deal, available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in many countries. OPEC and its Russia-led allies promised to remove 9.7 million bpd from the market starting in May. But oil storage...