🦕 Oil Prices Crash Below Zero for First Time in History Amid Pandemic
By Reuters on Apr 20, 2020 08:08 pm
By Stephanie Kelly NEW YORK, April 20 (Reuters) – U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil. Brent crude, the international benchmark, also slumped, but that contract […]
Read full story...Energy Equities Hang On Despite Negative Oil Price, Tankers Surge
By Bloomberg on Apr 20, 2020 07:57 pm
Crude oil Pipeline
By Michael Bellusci (Bloomberg) — In a historic Monday for crude prices, energy-exposed equities didn’t quite crater as some may have envisioned. The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. Yet the S&P 500 Energy Index fell just 3.3%, the most […]
Read full story...Singapore Oil Trader Hin Leong Failed to Declare $800 Million Losses 
By Bloomberg on Apr 20, 2020 01:42 pm
Fabled Singapore oil trader Hin Leong hid about $800 million in losses racked up in futures trading on the orders of its founder Lim Oon Kuin, suggesting a much bigger hole in the company’s finances than thought, according to affidavits seen by Bloomberg. The downfall of Hin Leong Trading (Pte) Ltd., one of the biggest […]
Read full story...By Reuters on Apr 20, 2020 03:11 pm
SNIPPET:
SCOTT SHELTON, ENERGY SPECIALIST, UNITED ICAP:
“The market is now understanding what the true meaning of ultra low refinery runs, open blending arbs and full tanks. There is no bid for May WTI as there is no buyer and we have yet to see a significant reduction in supply at Cushing to offset it.” Full article:
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