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Supply Risks Push Crude Back Toward $60


Bloomberg) -- Oil jumped back above $58 a barrel and was set for the longest run of gains in more than a year as U.S. sanctions on Russia’s largest producer and conflict in Libya shifted the focus to supply threats from virus-driven demand concerns.
The U.S. sanctioned a unit of Russia’s Rosneft PJSC for maintaining ties with Venezuela’s president and its state-run oil company, threatening to crimp the nation’s ability to export crude. In Libya, fighters loyal to eastern military commander Khalifa Haftar shelled Tripoli’s port, forcing a halt to shipping and leading to the suspension of cease-fire talks.
Oil is extending its longest rally since January 2019 after surging last week on optimism that the worst economic impacts of the deadly coronavirus had been accounted for. Any disruptions to global supply could go some way to offsetting the demand destruction from the outbreak, just as China and other nations in Asia roll out stimulus packages to cushion the blow.
Rosneft’s sanctioned unit has been “Venezuela’s primary conduit for brokering cargoes, which find their way predominantly to refineries in India and China,” Stephen Innes, Asia Pacific market strategist at AxiCorp, said in a note. “Throttling this Asian supply channel will provide some support for oil prices.” [more]

https://www.rigzone.com/news/wire/supply_risks_push_crude_back_toward_60-19-feb-2020-161134-article/
 
If you want to drive a few miles we are as low as $2.19 and as high as $2.69. In and around my normal driving circle it is an average of $2.37.
 
Here in Oklahoma City E10 is as low as $1.79/gal. I am not a fan of these low prices due to my ex-wife and many of my friends working in the oil and NG industry.
 
[FONT=&quot][h=1]WTI Crude (Apr'20) (@CL.1:New York Mercantile Exchange)[/h]
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[TD]32.58 -8.7 (-21.08%

https://www.cnbc.com/quotes/?symbol=@CL.1
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Oil plummets 30% as OPEC deal failure sparks price war


PUBLISHED SUN, MAR 8 20206:03 PM EDTUPDATED AN HOUR AGO

Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.
International benchmark Brent crude futures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. U.S. West Texas Intermediate crude dropped 27% to $30 per barrel, also its lowest level since Feb. 2016.

https://www.cnbc.com/2020/03/08/oil...opec-deal-failure-sparks-price-war-fears.html
 
COMMENTARY
Putin just sparked an oil price war with Saudi Arabia — and US energy companies may be the victims
PUBLISHED SUN, MAR 8 20206:34 PM EDT
Brian Sullivan
@SULLYCNBC
KEY POINTS
Russia rejected a proposal by OPEC to cut 1.5 million barrels per day of production.
In response, Saudi Arabia not only cut its forward crude price to Chinese customers by as much as $6 or $7 per barrel, but is also reportedly looking to raise its daily crude output by as many as 2 million barrels.
The move by the Saudis is both a market share grab and a loud signal to Moscow that it’s done playing games.
American oil and gas workers and investors are caught in the middle of this epic ego battle.


Vladimir Putin just sparked what could end up being one of the ugliest oil price wars in modern history, and American oil and gas companies may be the victims.

This weekend Saudi Arabia dropped the oil bomb. It not only cut its forward crude price to Chinese customers by as much as $6 or $7 per barrel, but is also reportedly looking to raise its daily crude output by as many as 2 million barrels per day into an already oversupplied global market. Look out below.

More:

https://www.cnbc.com/2020/03/08/put...-war-and-us-companies-may-be-the-victims.html


Sent from my iPhone using TSP Talk Forums
 
Oil price war definitely not good for global economy.

Gas here between $1.96 and $2.69. There is a Speedway down the street from us and gas Saturday morning was $2.15 by lunch it was $2.13 and mid-afternoon it was $2.10. I can't remember when I watched the price of gas drop like that in a day. I've seen it jump up double digits in a day but not down.
 
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