Category: Petroleum Daily

No commentary today

Peter Cecchini of Cantor Fitzgerald said this today on CNBC “I’m really, frankly, not all that convinced that this is an all-out fist-fight between Saudi Arabia and Russia.

Oil prices posted their best week in history on the hope that a production cut deal will soon be reached. OPEC and its allies announced they will hold a virtual meeting on Monday

Whiting Petroleum officially became the first high profile shale bankruptcy of the cycle, but there are likely more to come.

The Kremlin announced yesterday the President Trump and Putin agreed during a phone call to have their top energy officials discuss stabilizing oil markets. Although the futures market is seeing a recovery

Oil slid down to 18 year lows with WTI breaking below $20 at multiple points within the session. The oil market supply chains are broken due to the unbelievably large losses in oil demand.

A major and historic US stimulus bill was just signed into law today, and as a whole we are now almost out of ammunition. Financial markets are pretty much on their own next week

Oil prices fell significantly again today as demand continues to shrink. The US DOE is suspending its plan to purchase crude for the SPR after the requested $3 Billion in funding for the project was left out of the stimulus package recently passed by the senate.

Oil prices extended gains for a third session rising alongside the broader financial markets as the markets eyes a US stimulus bill set to be passed in the near future

WTI has shed nearly 60% of its value since the start of this
year. This being said the US and Saudi Arabia have been
discussing the idea of setting up an oil accord.