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Oil Prices Hit $15 For The First Time In 21 Years – OilPrice.com

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Oil Prices Hit $15 For The First Time In 21 Years | OilPrice.com

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com, Oilprice.com, and a writer at Macro-Investing.com. 

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    Oil Prices Low

    A gruesome combination of crumbling demand for crude and global storage filled to its brim has pushed oil prices to levels not seen in over two decades.

    U.S. benchmark, West Texas Intermediate, has fallen to the $15 range as global economies remain on lockdown due to the COVID-19 pandemic, crushing crude demand. To add insult to injury, global oil storage is reaching its limits. The situation is so dire, in fact, that the Department of Energy is even considering paying domestic oil producers to keep crude in the ground.

    Just. this Wednesday, the International Energy Agency reported a record 19 million barrel increase in domestic crude oil supplies.

    Not even OPEC has been able to provide any relief for the ailing industry. While the cartel and its global partners were able to agree upon a 9.7 million barrel per day cut, the market clearly thinks it’s not enough.

    Vandana Hari, founder of Vanda Insights, a firm specializing in oil market analysis, noted, “The current prices show that the OPEC+ cuts proved to be a blip, with oil prices at the mercy of the virus once again,” adding that “Until we approach a lifting of the lockdowns in the U.S., oil may drift lower or remain rangebound around current levels.”

    Related: Saudi Arabia Slashes Asian Oil Exports By 2 Million Bpd

    The oil price collapse is sending shockwaves throughout the entire industry, with oil majors slashing spending across the board, and explorers cutting as much as 13 percent of their drilling fleet as the crisis rages on.

    The troubling times have even forced the Texas Railroad Commission to consider the unthinkable, mandate a state-wide production cut. While the three commissioners were unable to come to a decision last Tuesday, the group is set to meet again on April 21st. And with oil prices having fallen an addition 20 percent since their last meeting, they might just be ready to take action.

    Even if the RRC follows through with their plan to interfere with the free markets, however, many experts suggest that as much as 20-30 million barrels per day in demand is being decimated by COVID-19 – a far cry from what global oil producers have cut so far.

    By Michael Kern for Oilprice.com 

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      3 new COVID-19 outbreaks declared in Calgary | CTV News – CTV Toronto

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      CALGARY —
      Three new COVID-19 outbreaks were declared in Calgary on Friday, including 13 cases being reported from a private gathering, five cases at a Cargill meat processing facility and five at a childcare centre in the southwest.

      An outbreak was also declared in the community of Fort Mackay in northeastern Alberta, with five cases being reported at CNRL Albian.

      Alberta Health Services would not comment on where or when the private gathering was held but said of the 13 cases, nine are considered active and four recovered.

      Five active cases were reported at the Cargill plant in the 0-100 block of Freeport Way N.E. 

      Two active cases and three recovered cases were reported at Fledglings Educare Centre in the 1100 block of Canterbury Drive S.W.

      An outbreak is declared in acute and long-term care facilities when there are two or more cases, and in a community setting when there are five or more cases. The outbreak is considered over when four weeks passes without any new cases being declared.

      A total of 84 new cases were reported by the province on Friday, with 20 of those in the Calgary Zone and 52 in the Edmonton Zone.

      There are now 12,053 cases of COVID-19 in Alberta, with 1,036 of those active and 10,796 recovered. There are 48 people in hospital with 13 of those in ICU.

      One additional death was reported Friday, bringing the provincial total at 221.

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      COVID-19 outbreak declared at new Cargill plant as Alberta reports 84 new cases province-wide – Calgary Herald

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      Article content continued

      “This plant in terms of the pre-existing conditions was better,” Hesse said. “But the question is what Cargill does now.”

      Alberta also announced two other new Calgary outbreaks Friday. One is at Fledglings Educare Centre, where two staff and three children were infected with COVID-19. Two of the children have now recovered. As well, an outbreak at a private gathering is linked to 13 cases, nine of which remain active.

      Also Friday, Alberta reported 84 new cases of the novel coronavirus, bringing the province’s total to 12,053.

      The new cases came from about 8,200 tests, a one per cent positive rate. More than 800,000 tests have now been conducted in Alberta.

      Both active cases and hospitalization rates stayed stagnant from Thursday. There are 1,036 active coronavirus cases in Alberta, while 48 Albertans remain in hospital with the virus, including 13 receiving treatment in intensive-care units.

      One new death from COVID-19 in Alberta, a woman in her 60s from the AHS South zone, was reported Friday, bringing the province’s total to 221.

      Elsewhere Friday, Calgary’s public and Catholic school boards each announced that they were mandating masks for all students in schools. Previously, Alberta Education only required students in Grades 4 to 12 to wear masks.

      jherring@postmedia.com
      Twitter: @jasonfherring

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      Trump says 'whatever' to concerns about WeChat ban hurting Apple – AppleInsider

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      During a press conference Friday, President Donald Trump appeared unconcerned with the possible impact that a WeChat ban could have on Apple’s business.

      Earlier in August, Trump signed a pair of executive orders that would bar any transactions between U.S. companies and Chinese-owned TikTok and WeChat. That, in effect, would ban both apps from the U.S., though it’s unclear what impact it might have globally.

      On Friday, Apple joined a growing number of other major companies calling for the president to end the executive orders. That includes Disney, Ford, and Walmart.

      When asked by a Bloomberg reporter at a White House press conference Friday morning about whether he was concerned about the effect the ban could have on iPhone sales in China and other markets, Trump simply responded “whatever.”

      [embedded content]

      “Gotta do what’s good in terms of the security of our country,” Trump said. “We’ve been very badly let down by China.”

      WeChat is a wildly popular app among Chinese users. And in a Bloomberg survey conducted in August, 95% of respondents in China said that they would rather give up their iPhones for Androids than lose out on WeChat.

      On Monday, analyst Ming-Chi Kuo cautioned than an outright ban on WeChat could cut global iPhone shipments by about 30%.

      It isn’t clear whether the U.S. ban would only bar WeChat’s use in the country, or if its vague wording could force Apple to pull it from the global App Store. WeChat parent company TenCent said that it is seeking clarity.

      Trump’s order to ban TikTok could be stopped if a U.S. company acquires the social media platform — which Microsoft is in talks to do. Such an acquisition has not been discussed for WeChat.

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