Oil prices rose on Friday, but both the Brent and United States benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the pandemic. Brent futures rose 0.8%, to $21.5 a barrel in early trade, while the WTI increased 3.5%, to $17.06. This week's declines will mark the eighth week of losses out of the last nine weeks.
The selling pressure was so strong, the front-month USA futures contract fell into negative territory for the first time in history and set a record for the number of contracts traded on Tuesday.
Continental Resources Inc, the largest oil producer in North Dakota has halted most of its production in the U.S. state and notified some customers it would not supply crude, people familiar with the matter said.
"After the price crash earlier this week, which seems to have made every person on the planet aware of the problems in the oil market, several relevant announcements of active crude production shut-ins have made the rounds", JBC Energy said. When compared to the same week of 2019, ethanol production was down approximately 485,000 barrels per day.
Under a deal agreed between the Organisation of the Petroleum Exporting Counties (Opec) and other producers including Russian Federation and Azerbaijan, a grouping known as Opec+, output cuts of 9.7 million bpd are due from next month.
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Azerbaijan's Azeri-Chirag-Guneshli oil project will also have to cut output sharply from next month to fulfil commitments under the deal, four sources told Reuters.
"Unless more production shuts down, the extracted oil will literally have nowhere else to be stored, which implies a forced shutdown across several locations", said Rystad Energy head of oil markets Bjornar Tonhaugen.
On the demand side, in China where the coronavirus outbreak started late a year ago, analysts said fuel sales should pick up in the second quarter as the government eases curbs to contain the pandemic. The package raises U.S. spending to combat the crisis to almost $3 trillion.
Russian oil companies will cut their crude oil loadings from Baltic ports and Black Sea's Novorossiisk in May to 5.42 million tonnes, the lowest level in 20 years, the preliminary loading schedule seen by Reuters showed on Friday.
25 Avril 2020
25 Avril 2020
25 Avril 2020
25 Avril 2020
25 Avril 2020
25 Avril 2020
25 Avril 2020
25 Avril 2020
25 Avril 2020
25 Avril 2020