By Tom Whipple, Steve Andrews, The Energy Bulletin
During these times of tremendous turmoil, it may seem a little irrelevant to change the name of an energy newsletter and then bother to explain why. We acknowledge the overwhelming concerns of the day, knowing that your focus is elsewhere. We hope this missive finds you all in good health and reasonable spirits.
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.
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.
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.
By Tom Whipple, Steve Andrews
As the coronavirus epidemic spreads to some 60 countries, the outlook for the oil industry and, indeed, the global economy is undergoing a sea change.
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.
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.
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.
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.
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.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices inched up a bit last week with Brent closing just below $65 a barrel after the US and Iran thought better of going to war. Attention then shifted to the signing of the first phase of a US-China trade deal and the slowing Chinese economy.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Brent futures slipped to below $65 a barrel on Friday as the threat of war in the Middle East receded, and investors focused on rising US inventories and other signs of ample supply. WTI closed at $59 a barrel.