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Oil Could Crash To $10 As World Runs Out Of Storage – OilPrice.com

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Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Oil storage

The growing supply glut in oil markets could end up filling all storage tanks worldwide, potentially causing prices to drop even further

Global oil storage could overflow in the coming weeks as the coronavirus pandemic has dealt a severe blow to demand while Saudi Arabia has promised to supply 12.3 million bpd—not just in April but also over the next few months.

Reuters reports, citing analysts, that such a development would overwhelm the already troubled oil industry, forcing production shutdowns. Storage facilities—both on land and offshore—are already filling up, the news agency noted, and Saudi Arabia has not yet started to increase its deliveries of crude.

If such a scenario unfolds, some analysts believe oil prices could slide as low as $10 per barrel.

“We believe we have not seen the worst of the price rout yet, as the market will soon come to realize that it may be facing one of the largest supply surpluses in modern oil market history in April,” Reuters quoted Rystad Energy’s head of oil markets, Bjornar Tonhaugen.

Saudi Arabia said yesterday it will maintain oil supply at 12.3 million bpd over the next few months, with exports to rise to a record 10 million bpd from next month, Reuters reported on Wednesday.

Meanwhile, the glut is causing traders to offer their cargos at steep discounts in a desperate effort to find buyers, Reuters also reported. This raises some questions about Saudi Arabia’s ability to sell the excess crude it plans to be producing over the coming months.

“There are no buyers,” an oil trader from the U.S. told Reuters. “Refiners in trouble, exporters in trouble, producers in trouble. This is a disaster with no end in sight.”

“Cargoes are being severely discounted to move as there are little prospects to export and also very few options to store on ship and/or tanks,” another industry source told Reuters.

At the time of writing, Brent crude was trading at less than $28 a barrel, with West Texas Intermediate at $22.78 a barrel.

By Irina Slav for Oilprice.com

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Global outage affecting websites of airlines, banks, tech firms now fixed – Globalnews.ca

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Several airlines, banks and technology websites were coming back online on Thursday afternoon after a brief outage, the third such widespread incident noted in just a span of two months, raising alarms across social media.

Websites of Delta Air Lines, Costco Wholesale Corp , American Express and Home Depot were down, displaying domain name system (DNS) service errors.

Some Canadian companies also said that their websites and services were fully operational again after they experienced technical difficulties or outages this afternoon.

Royal Bank of Canada, Bank of Montreal and PC Financial all told customers on Twitter that their websites are back up after earlier informing people that they were aware of technical issues and working to resolve them.

Monitoring website Down Detector showed a sharp increase in reported technical difficulties on the three companies’ websites after 12 p.m. Eastern time, along with Bank of Nova Scotia and Air Canada.

Cloud services provider Akamai Technologies had given an alert on its “Edge DNS” service incident, noting a “partial outage” on its website.

Read more:
Massive internet outage hits websites including Reddit, Amazon

“We have implemented a fix for this issue, and based on current observations, the service is resuming normal operations,” it said later in a tweet.

Oracle Corp said it was monitoring the global issue related to a cloud-based DNS solution provider impacting access to many internet resources, including its own cloud services.


Click to play video: 'Rogers, Fido service outage impacting many Canadian customers'



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Rogers, Fido service outage impacting many Canadian customers


Rogers, Fido service outage impacting many Canadian customers – Apr 19, 2021

DNS is a service that translates readable domain names to machine readable IP addresses, connecting it to a server and delivering the requested page on the user’s phone or laptop.

In June, multiple outages hit social media, government and news websites across the globe, with some reports pointing to a glitch at U.S.-based cloud computing service providers.

About 3,500 users reported issues with Airbnb’s website, while nearly 1,500 Home Depot users reported problems, according to outage tracking website Downdetector.

— With files from The Canadian Press 

© 2021 Reuters

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COVID-19 in Sask: 26 new cases, province receives 97K doses of Pfizer's COVID-19 vaccine – CBC.ca

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Saskatchewan reported 26 new cases of COVID-19 on Thursday, bringing the provincial caseload so far to 49,556. 

Saskatchewan’s new cases are in the following zones:

  • Far northwest: 14.
  • Far northeast: one. 
  • Northwest: two.
  • North central: one.
  • Saskatoon: five.
  • Regina: one.
  • South central: one.

The location of one case remains pending.

No additional deaths were reported.

The province also reported 20 new recoveries. Known active cases are slightly up, at 287.

There are 59 people in hospital, 11 of whom are in the ICU.

The province’s seven-day average of new COVID-19 cases is 30, or 2.5 new cases per 100,000 people.

There were 1,744 COVID-19 tests processed in Saskatchewan on Wednesday. 

Vaccines

Saskatchewan administered another 7,286 vaccine doses Wednesday, bringing the total to 1,366,006.

As of Thursday, 72.8 per cent of those eligible for a vaccine shot in the province have received their first dose and 59.4 per cent are now fully vaccinated. 

The province said more than 97,000 doses of Pfizer’s COVID-19 vaccine came in this week, with more than 180,000 expected over the next two weeks. 

“The shipments are provided to pharmacies and SHA clinics across the province,” said the province in a news release.

“While it has proven safe and effective to interchange mRNA vaccines for a second dose, those between the ages of 12 and 17 and those seeking Pfizer as a second dose should seek vaccination clinics and appointments now.”

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Nova Scotia reports 93rd COVID-19 related death; no new cases Thursday – CTV News Atlantic

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HALIFAX —
A woman in her 50s in Nova Scotia’s Central zone has become the province’s 93rd COVID-19 related death.

“On behalf of all Nova Scotians, I wish to extend my deepest condolences to the family and friends of the woman who has passed away,” said Dr. Robert Strang, Nova Scotia’s chief medical officer of health in a release. “Please get vaccinated as soon as you can, get tested on a regular basis and follow the public health measures.”

Nova Scotia is reporting no new cases of COVID-19 on Thursday, as 11 active cases remain in the province.

Public Health says it is closely monitoring all four health zones for community spread.

Nova Scotia labs processed 3,012 tests on Wednesday, and have now processed a total of 1,006,957 since the start of the pandemic.

There have been 5,880 cumulative COVID-19 cases in Nova Scotia. Of those, 5,776 people have recovered, and 92 have died due to COVID-19.

There are currently no Nova Scotians in hospital due to COVID-19.

Since April 1, there have been 4,138 positive COVID-19 cases and 27 deaths. Of the new cases since April 1, 4,100 are now considered resolved.

There are cases confirmed across the province, but most have been identified in the Central zone, which contains the Halifax Regional Municipality.

The provincial government says cumulative cases by zone may change as data is updated in Panorama, the province’s electronic information system.

The numbers reflect where a person lives and not where their sample was collected.

  • Western zone: 293 cases (one active case)
  • Central zone: 4,664 cases (nine active cases)
  • Northern zone: 301 cases (no active cases)
  • Eastern zone: 622 cases (one active case)

The provincial state of emergency, which was first declared on March 22, 2020, has been extended to July 25, 2021.

VACCINE UPDATE

The province’s COVID-19 online dashboard provides an update on the number of vaccines that have been administered to date.

As of Wednesday, 1,256,787 doses of the COVID-19 vaccine have been administered, with approximately 75.1 per cent of the province’s overall population having received at least one dose. Of those, 415,523, or 54.3 per cent of Nova Scotians have received their second dose.

The province says it has received a total of 1,354,970 doses of COVID-19 vaccine since Dec. 15.

All Nova Scotians are encouraged to get vaccinated against COVID-19 as soon as they are eligible. COVID-19 vaccination appointments can be made online or by phone at 1-833-797-7772.

MORE WALK-IN TESTING OPTIONS

Nova Scotia health is introducing several new walk-in testing centres and mobile units across the province.

Testing is open to anyone and can be convenient for out-of-province visitors arriving in Nova Scotia, public health said in a release.

A list of locations offering walk-in PCR COVID-19 testing in addition to testing by appointment can be found on the health authority’s website. Rapid tests will not be offered at these locations.

Testing is available for all ages, for those who have symptoms, no symptoms (asymptomatic), have travelled or been to a potential exposure site and have been a close contact with a positive COVID case.

Public health is strongly encouraging Nova Scotians to seek asymptomatic COVID-19 testing, particularly if they have had several social interactions, even with their own social circle.

COVID-19 tests can be booked through the province’s online self-assessment COVID-19 tool, or by calling 811.

People can also visit one of Nova Scotia’s rapid pop-up testing sites that continue to operate throughout the province.

Thursday, July 22:

  • Alderney Gate (60 Alderney Dr., Dartmouth) from 10 a.m. to 2 p.m.
  • Dartmouth Summer Sunshine Concert Series (94 Alderney Drive, Dartmouth) from 6 to 8 p.m.
  • The Royal Canadian Legion Branch 160 – Cole Harbour (703 Main St, Dartmouth) from noon to 7 p.m.
  • Halifax Convention Centre, 1650 Argyle St, Halifax) from noon to 7 p.m.
  • The Royal Canadian Legion Branch 95 (1772 Bedford Hwy., Bedford) from noon to 7 p.m.
  • James McConnell Memorial Library (50 Falmouth Street, Sydney) from 1 p.m. to 5:30 p.m.

COVID ALERT APP

Canada’s COVID-19 Alert app is available in Nova Scotia.

The app, which can be downloaded through the Apple App Store or Google Play, notifies users if they may have been exposed to someone who has tested positive for COVID-19.

LIST OF SYMPTOMS

Anyone who experiences a fever or new or worsening cough, or two or more of the following new or worsening symptoms, is encouraged to take an online test or call 811 to determine if they need to be tested for COVID-19:

  • Sore throat
  • Headache
  • Shortness of breath
  • Runny nose/nasal congestion  

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