Peak Oil Review: 23 March 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
The market situation changed rapidly last week. On Monday, the oil traders were focused on the Saudi price war. By week’s end, however, the Saudi initiative had been overshadowed by the rapid spread of the coronavirus and its impact on oil demand.
Peak Oil Review: 16th March 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
Global oil consumption is in free-fall, heading for the biggest annual contraction in history, as more countries introduce unprecedented measures to fight the coronavirus outbreak. Travel bans, work-from-home, canceled vacations, and disrupted supply chains across the world all mean reduced demand for fuel.
Peak Oil Review: 9 March 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
Last week saw upheavals in the financial and energy markets as the coronavirus continues to spread rapidly across the world and the OPEC+ production limiting agreement broke down.
Peak Oil Review 24 February 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices settled lower Friday, ending eight consecutive up days, due to the increasing spread of the coronavirus outside of China. London settled down 81 cents at $58.50, and New York finished 50 cents lower at $53.38.
Peak Oil Review: 17 February 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices rebounded last week as traders decided that the coronavirus was not going to expand much further outside of China and that control measures were starting to work. WTI closed out the week at $52 a barrel and London at $57.
Peak Oil Review: 10 February 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices posted a fifth weekly decline, weighed down by the loss of demand from China caused by the coronavirus outbreak. OPEC and Russia tried all week to come up with a unified position on how to contain the price slide.
Peak Oil Review: 3 February 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices fell for the fourth straight week on mounting worries about economic damage from the coronavirus that has spread from China to around 20 countries. Futures closed the month down about $10 a barrel since the beginning of the year, seeing the biggest January loss since 1991.
Peak Oil Review: 27th January 2020
By Tom Whipple, Steve Andrews, Peak-Oil.org
Brent crude closed at $60.56 on Friday, its biggest weekly decline in more than a year as concerns that the coronavirus will spread farther in China, curbing oil demand.