In the nine days that have lapsed since yours truly last wrote a blog post, the crude oil market has gone crude and cruder, peppered with barmy ideas, suggestions of strange alliances, tariffs, and of course tweets. For all of that, two things haven't materially changed – crude demand collapse continues as the coronavirus or Covid-19 pandemic spreads, and oversupply in the face of demand destruction is already here.
So here are few of The Oilholic’s missives via Forbes and Rigzone tackling various market slants between March 26-Apr 2:
- With whole countries in lockdown mode, forecasters now reckon a fifth of global crude demand could be wiped out - Forbes, Mar 26, 2020.
- The Oilholic's thoughts on why a resurrection of OPEC+ would be too little, too late for the oil market - Forbes, Mar 27, 2020.
- Oil futures are in record contango - Forbes, Mar 29,2020.
- Oil benchmarks ended Q1 2020 around 66% lower and lack of storage space is becoming apparent - Forbes, Mar 31, 2020.
- US shale explorer Whiting Petroleum becomes the first casualty of the current oil price slump as it files for bankruptcy - Forbes Apr 1, 2020.
- Moody's announces series of predictable negative outlooks on major oil and gas companies - Forbes, Apr 1, 2020.
- How Saudi belligerence has pushed VLCC rates to comedic highs - Rigzone, Apr 1, 2020.
- And finally, how a Donald Trump tweet sent oil futures soaring but the gains are unlikely to last - Forbes, Apr 2, 2020.
And that's about it for the moment folks! Stay safe, keep reading, keep it 'crude'!
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© Gaurav Sharma 2020.