While the stock market continues to show optimism about life after the coronavirus, in the energy industry, there’s just more doom and gloom.
The crude oil futures price snapped back to life on a sign that demand destruction has stabilized but production destruction has just begun.
The oil market works and works better with free price discovery afforded to the world by the futures markets.
Oil prices are still grappling with more oil than the world needs right now, and we are running out of places to store it.
The concept of negative oil opens up a whole new world of risk in the global energy market.
The price of oil has hit the lowest levels since 1999 as global oil demand has plunged and the world worries about running out of oil storage.
Trump Administration plan to begin re-opening the U.S. is providing some hope that the worst of the storm is behind us.
Supply and economic data have crushed oil prices; Trump Administration is working on a plan to pay U.S. oil producers not to produce.
Stabilization in the petroleum sector is harder when you see the extent of demand destruction in black and white.
Lingering concerns about oil demand still devastated from Covid-19, and confusion about the actual size of the cut, kept oil markets in a state of fluctuation.