In The News

Monday, 04/27/2020

April 21, 2020 – North Shore News

Plunging oil prices point to 'deep collapse' in sector, drilling firm CEO warns

By The Canadian Press

CALGARY — The CEO of one of Canada's largest drilling rig contractors says plunging North American crude prices on Monday and Tuesday are signs that the oil industry is headed for a "deep, deep collapse."

On Tuesday, U.S. benchmark West Texas Intermediate oil future contracts for June delivery settled at US$11.57 per barrel, down US$8.86. With Monday's decline, the price is down more than 57 per cent in...

Wednesday, 04/22/2020

April 21, 2020 – The Hill

Why oil prices fell into negative territory — and why it might happen again

By Rebecca Beitsch

Oil prices rose back into profit Tuesday after dipping into negative territory for the first time in history on Monday. But the rebound may be short lived as a lack of storage space could push markets to a similar crash within the next month…

Read the full article here: ...

Wednesday, 04/22/2020

April 21, 2020 – CNBC

Oil traders have never seen an ‘insane’ market like this, fear more declines to negative prices

By Pippa Stevens

The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history.

And with only guesswork as to when stay-at-home orders might be lifted and when crude demand might pick up, traders warn that oil could continue to trade at extremely depressed levels...

Wednesday, 04/22/2020

April 20, 2020 – CTV News

Negative oil price plunge a short-term anomaly with limited impact: analysts

By: The Canadian Press Staff

CALGARY -- A Calgary energy analyst says the plunge by benchmark U.S. crude oil prices into negative territory for the first time on Monday is a short-term anomaly that likely won't have a lasting effect on Canadian producers…

Read the full article here: ...

Wednesday, 04/22/2020

April 20, 2020 – The Street

Uncharted Waters: Cramer's 'Mad Money' Recap (Monday 4/20/20)

By Scott Rutt

Oil Markets in Real Life

For an expert opinion on the day's oil action, Cramer turned to longtime oil insider Rusty Braziel, CEO of RBN Energy, for help.

Braziel explained that what happened Monday had nothing to do with the physical market for oil, it was simply a paper market problem. Oil contracts for April expire Tuesday, he said, and those holding those contracts must close their positions or take...

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