Goldman Sees March Demand Falling 10.5 Million Barrels Per Day
26 Mars, 2020, 19:24 | Auteur: Auguste Feret
Demand for oil products, especially jet fuel, is falling worldwide as more governments announce nationwide lockdowns to stop the spread of coronavirus.
Oil prices fell on March 26 following three days of gains, with coronavirus travel bans and lockdowns offsetting hopes a $2 trillion United States stimulus package will shore up economic activity.
Products supplied, a proxy for US demand, dropped almost 10% to 19.4 million bpd, EIA data showed. Overall fuel demand fell by almost 2.1 million bpd. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8 per cent, to $23.55 a barrel. Both contracts are down about 60 per cent this year. Brent crude was down 1.7 per cent at $26.70 per barrel on Wednesday as faltering fuel demand outweighed a massive pending USA economic stimulus package.
But with demand disappearing and output rising, the outlook is bleak.
"All indexes pointed to worsening conditions among oil field services firms", the Fed said in its report, noting that the business activity index plunged from -4.2 in the fourth quarter to -50.9 in the first, the lowest reading in the survey's four-year history.
The US Senate on Wednesday overwhelmingly backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus epidemic.
A worse-than-expected weekly US jobless claims report today could drive WTI crude oil under $20.
Oil prices have fallen by more than 45 per cent this month after OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation, failed to agree on extending output cuts.
"Global isolation measures are leading to an unprecedented collapse in oil demand", it said.
The chief executive of the world's biggest oil trader, Vitol Group, estimates a demand loss of 15 to 20 million barrels per day (bpd) over the next few weeks.
Vitol said refineries have so far cut about 7 million bpd, a figure the company expects to rise further as storage fills up.
Sherman noted that beyond NY , "every state and federal agency was aware of this risk, the federal government more than anyone". But the governor warned that much more work needed to be done. "We have probably the biggest employers of any other state.
The enormous jump is due to the wave of layoffs across the country associated with the coronavirus outbreak. The jaw-dropping figure eclipses the previous weekly jobless claim record of 695,000 in October 1982.
In order to help jog her memory, the actress chose to use her time in self-isolation to binge-watch the entire series. Friends star Courteney Cox has revealed that she doesn't remember being on the show. "I just started Season 1".
The initial goal is to produce 10,000 units of scrubs and patient gowns, which are in short supply across the country. This includes making scrubs and patient gowns, which are high in demand across the country.
Pentagon officials said 600 individuals linked to the military had now tested positive for the virus worldwide. The US now has some 68,597 reported cases of coronavirus across the country, and some 1,035 deaths.
NY has more than 30,000 of the country's more than 65,000 coronavirus cases, and 285 of its residents have died ofthe virus. NY has ordered residents to stay at home to curb the spread of the virus and, hopefully, ease pressures on health systems.
Two correctional officers and one man incarcerated also have tested positive for COVID-19 at Stateville Correctional Center. The fourth resident was in the same traveler group as the individual announced earlier who had traveled internationally.