The crude oil price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.
West Texas Intermediate
Crude Oil (WTI) Bullish Above $57 / MCX Above ₹4100 Only Buy – Neal Bhai Reports
Crude Oil prices will have a major impact on the direction that the Russian economy will take, according to the chief executive of the Russian Direct Investment Fund (RDIF), but the country’s alliance with major oil producer group OPEC (known as OPEC+) is “ready to act” if necessary, he said.
Crude Just had its Worst Month in a Decade, and its Next Move Depends on Saudi Arabia and Trump
West Texas Intermediate, or U.S. crude, lost 21 percent in November, tumbling to its lowest level in a year and logging its worst performance since October 2008.
Crude Oil Continues Big Slide Despite Saudi Talk of Supply Cuts
Gold Silver Reports (GSR) – Futures in New York as 0.4% Monday, extending a record decline. Oil was pulled 2.5% lower after the close amid a slide in equities, with President Donald Trump adding pressure with a tweet criticising the Saudi plan.
Crude Oil Bounces as OPEC Adopts Underwhelming Production Increase
Gold Silver Reports (GSR) – Crude Oil jumped the most since late 2016 after OPEC adopted a smaller-than-expected production increase. – Futures advanced 4.6 percent in New York on Friday to close above $68 a barrel for the first time this month. Although the OPEC-led group of 24 major oil producers approved a 1 million barrel boost to daily output, several cartel members said the actual increase will only reach 700,000 because some nations are incapable of pumping more crude.
Crude Oil Up on Syria Tensions, Neal Bhai Reports
Gold Silver Reports – Crude Oil Up on Syria Tensions, Neal Bhai Reports – The prospect of military action in Syria that could lead to confrontation with Russia hung over the Middle East but there was no sign a U.S.-led attack was imminent. Traders sought to lock in long crude oil positions ahead of the weekend, said John Kilduff, Partner at hedge fund Again Capital Management.