Sunday, January 29, 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 Price

Texas oil price plummets into the negatives as the coronavirus pandemic’s

July 22, 2020
in Oil Price
Texas oil price plummets into the negatives as the coronavirus pandemic’s
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

DAILY OIL PRICE: July 30

U.S. shale investors shamed by oil price crash, posts worst quarter since

DAILY OIL PRICE: July 28

The price for a barrel of oil plunged negative Monday for the first time ever as the coronavirus pandemic has kept most of the world at home, forcing oil producers to pay buyers to take crude off their hands.

People are not commuting or traveling, leading to a devastating decline in global oil demand, and the price of oil has crashed at a rapid rate. One barrel of West Texas Intermediate crude cost in the $60 range to start the year. It has dropped more than 160% since.

Down from around $18 a barrel Friday, the price of West Texas Intermediate crude to be delivered in May ended Monday at negative $37.63 a barrel.

“That’s oil for future delivery in May, called a front-end contract,” Bernard Weinstein, associate director of the Maguire Energy Institute at Southern Methodist University, told The Texas Tribune. “Basically, for producers, this means: I’ve got some oil, I’ll sell it to you and, in fact, I’ll even pay you to take my oil.”

Prices also tumbled for barrels to be delivered beyond May. Oil scheduled to be delivered in June fell 12% Monday to about $22 a barrel. Monday’s drop in prices was a sign that investors — hurrying to meet the Tuesday futures contract deadline for May crude deliveries — are worried there will be no place to put the oil.

As of April 10, oil storage in the U.S. was 57% full, according to the U.S. Energy Information Administration.

The drop in prices is expected to compound the economic and budget blows from the world staying at home. The state was already headed for a recession before Monday, and Texas is the nation’s top oil-producing state, so its economy and budget are highly sensitive to oil prices. When production slows here, employment and tax revenues decline, and budget cuts at the state and local levels often follow.

Oil prices plummeted in early March to what was, at the time, their lowest point in decades after Saudi Arabia declared a price war on Russia. Matters have only worsened because almost no one wants to buy oil and gas these days — people have not been flying, commuting or traveling due to the coronavirus pandemic.

Texas oil producers have already felt the effects, and in addition to closing oil wells, losing money and laying off employees, many producers expect rough times ahead.

“People are preparing for significant pain the rest of the year,” Ed Longanecker, president of Texas Independent Producers and Royalty Owners Association, told The Texas Tribune.

Earlier this month, a large group of oil-producing countries, including Saudi Arabia, Russia and the United States, eventually agreed to cut 9.7 million barrels of oil per day from the global oil market. Analysts have said more cuts will be needed to keep pace with the drop in demand.

“The big Oil Deal with OPEC Plus is done,” President Donald Trump tweeted April 12. “I would like to thank and congratulate President Putin of Russia and King…



Read More: Texas oil price plummets into the negatives as the coronavirus pandemic’s

Tags: CoronaviruseconomyEnergyhealth carenegativesoiloil and natural gaspandemicsplummetspriceTexastexas governmenttexas newstexas policytexas politics

Related Posts

DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 30

by Oil Market
July 31, 2020
0

Oil Barrels Posted: Thursday, July 30, 2020 2:00 pm DAILY OIL PRICE: July 30 Odessa American oanews@oaoa.com Odessa American...

Read more
U.S. shale investors shamed by oil price crash, posts worst quarter since
Oil Price

U.S. shale investors shamed by oil price crash, posts worst quarter since

by Oil Market
July 30, 2020
0

HOUSTON  – U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors...

Read more
DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 28

by Oil Market
July 29, 2020
0

Oil Barrels Posted: Tuesday, July 28, 2020 2:00 pm DAILY OIL PRICE: July 28 Odessa American oanews@oaoa.com Odessa American...

Read more
DAILY OIL PRICE: July 28
Oil Price

DAILY OIL PRICE: July 28

by Oil Market
July 29, 2020
0

Oil Barrels Posted: Tuesday, July 28, 2020 2:00 pm DAILY OIL PRICE: July 28 Odessa American oanews@oaoa.com Odessa American...

Read more
Saudi Arabia and Russia end their oil-price war with output cut agreement
Oil Price

Saudi Arabia and Russia end their oil-price war with output cut agreement

by Oil Market
July 28, 2020
0

By Javier Blas, Salma El Wardany and Grant Smith on 4/9/2020 LONDON (Bloomberg) - Saudi...

Read more
How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash
Oil Price

How Oil Prices Went Subzero: Explaining the COVID-19 Oil Crash

by Oil Market
July 27, 2020
0

2020 hasn’t been kind to the energy sector, and a growing wave of energy bankruptcies has started to build....

Read more
Next Post
Oil prices fall on US inventory build, increasing pandemic fears – ET Auto

Oil prices fall on US inventory build, increasing pandemic fears - ET Auto

Leave a Reply Cancel reply

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

Today Oil Markets

Gulf Oil Producer Oman Is Quickly Running Out Of Options | OilPrice.com

Gulf Oil Producer Oman Is Quickly Running Out Of Options | OilPrice.com

3 years ago
Global Oil and Gas Upstream Activities Market Expected to Reach Highest

Global Oil and Gas Upstream Activities Market Expected to Reach Highest

3 years ago
RPT-Spring oil flood causes summer queues in Chinese ports

UPDATE 1-Belarus buys first oil from Saudi Arabia -refiner Belneftekhim

3 years ago
Aberdeen should use decommissioned oil platform as ‘first class tourist

Aberdeen should use decommissioned oil platform as ‘first class tourist

3 years ago
Marksmen Announces Initial Production Results From the Meredith #1 Well

Marksmen Announces Initial Production Results From the Meredith #1 Well

3 years ago
Latest News 2020: Oil Tank Cleaning Market by Coronavirus-COVID19 Impact

Latest News 2020: Oil Tank Cleaning Market by Coronavirus-COVID19 Impact

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