Thursday, February 9, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home oil news

Oil is on track for its best month ever after rebound, but traders say it’s

June 30, 2020
in oil news
Oil is on track for its best month ever after rebound, but traders say it’s
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Commodity outlook: Crude oil gains; here’s how others may fare

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

In the last two months, oil has hit two very different first-of-its kind milestones. In April West Texas Intermediate, the U.S. oil benchmark, plunged below zero and into negative territory for the first time on record. Meanwhile May is shaping up to be WTI’s best month ever, going back to the contract’s inception in 1983—an astonishing turnaround month-on-month.

Improvements on both the demand and supply side of the equation have pushed prices higher. Data shows that people in the U.S. and China are starting to hit the road again, while producers around the globe have cut output at record rates in an effort to prop up prices.

The contract has jumped more than 70% in May and posted four straight weeks of gains, but some traders warn that the near-term outlook for oil remains uncertain, and that prices could head back into the $20s after settling around $33 on Friday.

Additionally, part of WTI’s blistering rally this month is due to the historic low from which it bounced. Prices are still about 50% below January’s high of $65.65, significantly cutting into profits for energy companies, which are often saddled with debt. A number of U.S. energy companies have already filed for bankruptcy protection, including Whiting Petroleum, which was once a large player in the Bakken region. If prices stay at depressed levels, there could be more casualties.

Still, the market has shown signs of rebalancing itself, and analysts say that if demand continues to improve and producers keep wells shut-in, the worst could be over for oil.

“The oil market rebalancing continues to gather speed, driven by both supply and demand improvements … These improvements are taking out the risk of a sharp pull-back in prices although we re-iterate our view that the rebalancing will take time,” Goldman Sachs said in a recent note to clients.

“We believe that the next stage of the oil market rebalancing will be one of range-bound spot prices with the most notable shifts being a decline in implied volatility as well as a continued flattening of the forward curve without long-dated prices rising yet,” the firm added.

‘Tide is turning’

While demand for petroleum products fell off a cliff in April, the outlook is improving as  economies around the world begin to reopen. Raymond James, which has been tracking shelter-in-place orders, said that of the 3.9 billion people worldwide who have been under lockdown at some point since January, 3.7 billion, or 95%, have experienced some sort of reopening.

Chinese demand for oil in April rebounded to 89% of what it was a year earlier, according to IHS Markit, and the firm expects May demand to be 92% of 2019′s level. During February’s low, demand in China, the world’s largest oil importer, fell to just 40% compared to a year earlier.

In the U.S., all 50 states have begun the reopening process to varying degrees, which means people are once again driving. Data from the Energy Information Administration has shown an uptick in gasoline demand, although there’s still a way to go before the pre-coronavirus levels are reached.

A worker on a an oil…



Read More: Oil is on track for its best month ever after rebound, but traders say it’s

Tags: Businessbusiness newsEnergyICE Brent Crude (Jul'20)Investment strategyMarketsmonthoilOil and GasREBOUNDStock marketstracktradersUnited StatesWTI Crude (Jun'20)

Related Posts

Commodity outlook: Crude oil gains; here’s how others may fare
oil news

Commodity outlook: Crude oil gains; here’s how others may fare

by Oil Market
July 31, 2020
0

NEW DELHI: There was a sea of green in the commodities market bullion, base metals and bullion futures rose...

Read more
Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,
oil news

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices,

by Oil Market
July 30, 2020
0

Carl Court | AFP | Getty ImagesOil giant Royal Dutch Shell on Thursday reported a sharp drop in net...

Read more
Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,
oil news

Stock Market Live: Sensex rises 300 points, Nifty above 11,250; Dr Reddy’s,

by Oil Market
July 30, 2020
0

Stock Market Live: Indian shares were trading higher on Thursday mainly led by gains in pharma and IT...

Read more
US stocks decline as stimulus negotiations heat up and earnings miss hopes
oil news

US stocks decline as stimulus negotiations heat up and earnings miss hopes

by Oil Market
July 29, 2020
0

Reuters US stocks closed down on Tuesday as investors mulled Senate Republicans' coronavirus stimulus package and a slew of...

Read more
Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton
oil news

Tokyo Gas : Acquires Oil and Gas Assets in Louisiana Through Castleton

by Oil Market
July 29, 2020
0

29 July 2020 Company: Tokyo Gas Co., Ltd. Representative: President, Takashi Uchida Tokyo Stock Exchange, Tokyo 1st Section Security...

Read more
Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,
oil news

Stocks in the news: Nestle India, UltraTech Cement, Mahindra Finance, ITC,

by Oil Market
July 28, 2020
0

Nifty futures on the Singapore Exchange traded 76.5 point, or 0.69 per cent higher at 11,195, in signs that...

Read more
Next Post
Colombia Is An Overlooked Victim Of The Oil Price War | OilPrice.com

Colombia Is An Overlooked Victim Of The Oil Price War | OilPrice.com

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

SGX Nifty up 35 points; here’s what changed for market while you were

SGX Nifty up 35 points; here’s what changed for market while you were

3 years ago
Feds: eBay staff sent spiders, roaches to harass couple – Casper, WY Oil

Feds: eBay staff sent spiders, roaches to harass couple – Casper, WY Oil

3 years ago
Goldman Sachs says an oil price correction as deep as 20% ‘may already be

Goldman Sachs says an oil price correction as deep as 20% ‘may already be

3 years ago
Landowners, oil companies support plugging abandoned wells but want

Landowners, oil companies support plugging abandoned wells but want

3 years ago
H2Pro: The Marula Oil-based hair product you need now

H2Pro: The Marula Oil-based hair product you need now

3 years ago
Is an oil and gas pipeline in Straits of Mackinac safe or stupid?

Is an oil and gas pipeline in Straits of Mackinac safe or stupid?

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com