Energy

Oil prices are starting to bottom despite the potential of the most significant supply glut in history. The reason is that the power of the dollar is supreme over the supply of oil.
The Wall Street Journal reported, "Senate Democrats blocked a rescue package designed to blunt the economic impact of the coronavirus pandemic, after a dispute with Republicans over corporate bailout provisions and aid to dislocated workers.
Yesterday, the first day of spring, gave hope that the darkness that has engulfed the energy sector may have dreams of brighter days ahead. That is going to be needed because the energy industry was blindsided...
The day after the price of oil crashed to an 18-year low, hope that the most a massive global stimulus-response may raise hopes of future demand in a world where demand has stopped. Oil price tested the critical psychological $20.
Stocks and oil are plummeting as Treasury Secretary Steve Mnuchin warns of what can only be called a fatal contraction. Reports say that the Treasury secretary cautioned that if the US government did not step in, the US employment rate could soar to almost 20%.
The good news is gasoline prices may be headed to all-time inflation-adjusted lows. The bad news is you might not have anywhere to go. Even with plunging crude prices, refiners can't make money.
The big guns are out as the Federal Reserve not only cuts the target range for the federal funds rate to 0 to 1/4 percent and go back to quantitative easing (Q.E.) and plans to buy Treasury securities and agency mortgage-backed securities that are central to the flow of credit to households and businesses, over coming months.
 The US energy producers are getting attacked from all sides. Not only is it reeling from direct demand destruction from the growing list of cancellations of events around the world but the all-out price war that has fractured OPEC and Russia and could hit oil-based economies around the globe.
Stocks and oil are taking a big hit after President Trump announced a travel ban from European nations for the next 30 days, and companies around the country are telling employees to work from home and sending them to their panic rooms. Even the CME Group announced it would close its Chicago trading floor.
Oil prices violent moves may have only just begun as it appears despite pressure by the Trump administration, the kingdom of Saudi Arabia is on a mission to hurt the global oil market.