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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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      Ontario adds 151K new jobs in July, majority are part-time positions – CTV Toronto

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      TORONTO —
      Ontario added 151,000 new jobs in July, the country’s national statistics agency said, but the majority of them were part-time positions.

      After losing more than one million jobs in a three-month time span following the declaration of the COVID-19 pandemic, Ontario added about 378,000 jobs in June. In July, employment in the province grew by 2.2 per cent.

      The Labour Force Survey (LFS) released on Friday, which used the week of July 12 to 18 as a sample, said that businesses and workplaces across Canada have continued to reopen after being shuttered due to COVID-19 restrictions. At the same time, the survey was conducted while much of the province was still in Stage 2 of Ontario’s economic reopening plan.

      “Although public health restrictions had been substantially eased in most parts of the country—with the exception of some regions of Ontario, including Toronto—some measures remained in place, including physical distancing requirements and restrictions on large gatherings,” Statistics Canada said.

      Of the 151,000 jobs added in Ontario, Statistics Canada said that about 145,000 were part-time positions. The agency attributed that number to the fact that part-time workers were hit hardest by the shuttered economy months ago.

      “This was due to a number of factors, including part-time work being more prevalent in industries that were most affected by the COVID-19 economic shutdown, namely retail trade and accommodation and food services.”

      Ontario’s unemployment rate has now fallen to 11.3 per cent, down from 12.2 per cent the previous month.

      In Toronto, employment also rose by about 2.2 per cent, with close to 26,000 jobs added in the city. Statistics Canada says that employment in Toronto has now reached 89.9 per cent of its February, pre-COVID-19 level.

      Ontario Premier Doug Ford posted a brief message on social media Friday afternoon saying he was happy to see the July labour numbers.

      “What I love are the job numbers today, 150,000 people going back to work, the premier said in a video on Twitter, noting that there is still work to do to rebuild the province’s economy.

      “That is great news for the people of Ontario.”

      About 419,000 jobs were gained across Canada in the month of July, reducing the national unemployment rate to 10.9 per cent. 

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      16 new cases of COVID-19 reported in Manitoba Saturday – Global News

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      Manitoba public health officials announced 16 new cases of COVID-19 in the province Saturday.

      That brings the total number of cases in Manitoba to 507.






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      The province said Manitoba has now performed 100,074 tests for COVID-19 with 1,263 lab tests completed on Friday. The test positivity rate for Manitoba is 1.23 per cent.

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      The active caseload is 148 with 351 people considered recovered.

      Nine people are in hospital due to the virus with three of those in the intensive care unit. The number of deaths attributed to the virus remains unchanged at eight.

      Health officials say 12 of the new cases are from the Prairie Mountain health region and four are from the Southern health-Sante Sud health region.

      While case investigations are ongoing, the province says a majority of today’s cases appear to be linked to known clusters in the Brandon area or close contacts.

      © 2020 Global News, a division of Corus Entertainment Inc.

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      South Regina Walmart sees second COVID-19 exposure alert in 2 days – CTV News

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      REGINA —
      The Saskatchewan Health Authority has sent out a COVID-19 exposure alert for a Walmart in south Regina, for the second time in two days.

      In a release, the SHA said the Walmart Grasslands location in Regina was possibly exposed to the virus on August 5, between 11:15 a.m. and 11:45 a.m.

      Although risk of transmission to the public is low, the SHA is advising anyone who visited the store during the affected times to monitor for COVID-19 symptoms for 14 days.

      The SHA sent out an alert about a separate instance of COVID-19 exposure at this location, in a release Friday.

      Symptoms include fever, cough, headache, muscle and/or joint aches and pains, sore throat, chills, runny nose, nasal congestion, conjunctivitis, dizziness, fatigue, nausea/vomiting and diarrhea.

      COVID-19 testing is available to anyone who wants it. If symptoms develop call 811 to get a referral for a test.

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