Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it’s not enough.
Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.
In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they’re worried about the economy.
Why not donate oil to underdeveloped countries to help them fight Covid19?
Why not build strategic oil reserve infrastructures across the world in those countries who are heavy consumers and also capable of paying for the consumption.
Yet in Commifornia the gas prices are still $3 a gallon. Thank you Newsom , nephew of Pelosi.
Trump's buddies Saudis and Russia were responsible for this.
EL 11/9 ES EL FRAUDE FINANCIERO MAS ATERRADOR Y REPUGNANTE DE LA HISTORIA HUMANA EL COVID UNA FORMA DE ENCUBRIMIENTO DE AGENTES INPLICADOS Y ESTAS SON LAS CONCECUENCIAS FINANCIERAS....EL VALOR REAL
So be it. Time for change regarding fossil fuels.
But wait! Trump said he’d made a deal to fix that! TrumpIsALoser
Remember when oil was $100/brl and the politicians took turns telling us how greedy the oil companies were and that they would have to commandeer their “windfall profits”? no one else does, either...
The planet’s top 20 percent corner 85 percent of money Money is more powerful than governments.
Is the gas station going to pay me to fill my tank up?