After all the machinations and drama the group of countries known as OPEC+ finally got their act together and announced over the weekend a crude oil output cut of historic proportions. They agreed to reduce their production by 9.7 million barrels per day (BPD), the single-largest cut ever. Unfortunately, it…
Crude oil price has been extremely volatile today as investors await news from the crucial meeting between OPEC and Russia that is expected to result in an agreement to cut oil production in order to boost oil market price. Fundamental analysis: New agreement possible Crude oil price jumped to above…
Crude oil price closed the week more than 32% higher in the first phase of recovery after the “black gold” printed the 18-year low of $19.29. Oil prices were boosted by comments from the Russian President Vladimir Putin who said that a cut in production levels is “possible”. Fundamental analysis:…
The Canadian dollar rose against the US dollar as oil prices surged today. Brent, the global benchmark, rose by more than 10% while West Texas Intermediate (WTI) rose by more than 9%. As of this writing, the USD/CAD pair is trading at 1.4133, which is 0.40% lower than where it…
Even as Goldman Sachs warned that global oil demand could plunge by 18.7 million barrels per day in April, U.S. shale producer Whiting Petroleum Corporation (NYSE: WLL) filed for bankruptcy. Whiting became the first major U.S. shale producer to seek Chapter 11 protection. Its board of directors attributed…
With the world’s top two oil producers, Russia and Saudi Arabia, still in a deadlock on oil prices, and the Coronavirus pandemic weighing further on the global demand, the largest oil and gas companies from across the globe have been pushed into cutting expenditures in 2020. The collapse in oil…
U.S. crude oil briefly broke the psychologically sensitive $20 level today as demand projections crumpled on fears that the coronavirus could affect economies for much longer than expected.At the time of writing U.S. crude oil was trading at $20.46, down $1.18 or 5.53%, after having touched a low of…
Crude oil prices have today traded below the $20 mark for the first time since February 2002 as the bears continue to push the price action lower amid the low market prices and coronavirus outbreak. Fundamental analysis: Oil facing “unprecedented” collapse in demand Dan Yergin, one of the most recognized…
Rosneft (MCX:ROSN) has decided to terminate all operations in Venezuela to avoid the U.S. sanctions against this South American country. The oil giant has transferred all assets to another Russian company, fully owned by the government. Fundamental analysis: Rosneft moves to protect its position In what appears to be…
Some of the world’s biggest sovereign wealth funds, from oil-rich countries, could dump more than $200 billion worth of stocks. According to JPMorgan strategist Nikolaos Panigirtzoglou, sovereign wealth funds across the globe lost around $1 trillion of funds invested in equities due to the coronavirus outbreak. As a result,…
Russia has called for a new OPEC+ agreement to balance oil markets, just a few weeks after it rejected an offer from OPEC and Saudi Arabia to cut crude oil production. In the meantime, crude oil prices trade near an 18-year low. Fundamental analysis: Russia asks oil countries to…
With the global oil price recently dropping to historically low levels, Chevron (NYSE:CVX) announced that it plans on suspending its share buyback program this year and aims at cutting capital expenditure by £3.42 billion. The Coronavirus pandemic that is weighing heavily on demand and the ongoing price war between…
Chevron (NYSE:CVX) plans to cut capital spending by more than $4 billion, or 20%, due to the collapse in oil prices and the coronavirus outbreak, the company said in a press release. “With an industry leading balance sheet and a flexible capital program, we believe Chevron…
The recent crash in the global oil price is weighing heavily on oil major Royal Dutch Shell (AMS:RDSA). As part of its strategy to cope with it, Shell said on Monday that it plans on reducing its capital expenditures by around £4.3 billion in 2020. The company also declared…
Crude oil prices are currently trading 24% higher as the “black gold” races to post the best day ever following weeks of heavy losses. The commodity lost nearly 17% yesterday when it traded at the lowest level since 2002. Crude has been boosted by strong actions from the…
Crude oil prices are trading around 19% down on the day following a crash in demand amid the coronavirus outbreak, which is likely to significantly hamper the business activity around the world. The outbreak forces airlines to cancel countless flights as the global travel companies are on the brink…
Natural gas is traded on the futures market at the New York Mercantile Exchange, under the Henry Hub name.With stock markets around the planet crashing heavily this week, many investors are wondering where to turn to commodities. In the case of natural gas, let’s take a look at the different…
The Minister of Finance of the Russian Federation, Anton Siluanov, said yesterday that the country’s budget deficit could go as high as 0.9% of gross domestic product (GDP) in 2020 on current oil prices. Russia’s economy saw major harm due to the declining global oil prices, as well as the…
Saudi oil giant Aramco said it plans to slash its capital spending budget amid low oil prices. The company missed market’s expectations for profit in its first earnings announcement since going public last year. Fundamental analysis: Profit plunges Aramco announced a net profit of $88.2 billion in 2019, down from…
Crude oil prices failed to stage a more significant recovery despite comments from President Donald Trump that the U.S. plans to buy large amounts of crude for its reserves. Fundamental analysis: “Fill it right up to the top” says Trump Oil prices continued to move lower this week on…
The price of oil crashed Monday by nearly 25% to settle at $31.13 a barrel and this poses a problem for American oil companies, according to Again Capital founding partner John Kilduff. Below $50 A BarrelAgain Capital is an alternative investment firm with a specialized focus on listed energy derivatives…
Shares of BP (LON:BP) gapped 28% lower this morning in London on the biggest oil price crisis witnessed in recent years. The price opened at 282.05p, the lowest stock traded since 1999. Fundamental analysis: Oil prices collapse on coronavirus fears, Saudi Arabia – Russia price war The collapse in…
OPEC had a pact with Russia that demanded restriction over the oil supply. On Friday, the pact fell apart and fueled a downward rally in Saudi Aramco’s shares. On Sunday, the Saudi state oil company was reported trading below the IPO (initial public offering) price of 32 riyals.
Crude oil prices hit the lowest levels since August 2016 this week, after talks on deeper production cuts between OPEC and its allies finished without an agreement. On Friday, the price action closed nearly 10% lower to record one of the worst-performing days recently. OPEC+ talks collapse Investors were…
The price of ethanol is currently at $1.24 per gallon, at the time of writing. This is definitely on the low side, although recent days have seen the price rising. Could this month be the start of a strong recovery on the market? The Price HistoryEthanol is a volatile commodity…
