World’s Top Oil Trader Is Now A Used Car Salesman
Vitol Group, the world’s largest independent oil-trading firm, has been startled by the prospects of peak oil demand as it must diversify operations today to survive the decade. Vitol recently formed a new business venture called Vava Cars, aiming to…
WTI Holds Losses As US Distillates Stocks Reach 38-Year Highs
Oil prices are lower overnight after a surprisingly large crude inventory build reported by API. The energy complex was not helped by comments by President Trump that the COVID-19 outbreak in the U.S. will probably worsen before improving. “Everything seemed to rise in…
“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down
Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on the world despite the protests of its fellow cartel members, oil prices crashed as a…
A Shift In The Global Financial Order Is Upon Us
The collapse in bond yields, exacerbated by the crash in oil prices, marks an end to the era of trust in central banks… OPEC+: A 24-Hour View Coronavirus. That will be the first and last time this column mentions that…
No Financing And No Demand: Chinese Refiners Run Into Trouble
International banks are suspending credit lines for some independent oil refiners worried about the growing risk of defaults across industries because of the coronavirus epidemic, Reuters reports, citing industry sources… According to the sources, at least three private refiners, or teapots,…
“Tankers, Tankers. Everywhere!” – Virus Causes Historic’ Traffic Jam’ Across Asian Supply Lines
Covid-19’s effect on global energy markets has been disastrous. OPEC slashed its oil demand forecast last week, and Goldman Sachs doubled down on its bearish oil take and has cut its oil price target by $10 to $53 for the year, as…
Coronavirus Triggers “Biggest Shock” To Oil Markets Since Lehman Crisis
Update: The Telegraph’s Ambrose Evans-Pritchard warned that the collapse in Chinese oil consumption is “the biggest shock to oil markets since the Lehman crisis.” Evans-Pritchard said the plunge in consumption could be between three to four million barrels per day, adding that this…
Oil Prices Jump as the US, Iran Trade Blows
Experts believe that the market will self-correct as it did on multiple occasions in 2019 despite Mideast tensions US President Donald Trump’s decision to assassinate Quds Force commander Qasem Soleimani has sent shockwaves not only throughout the Middle East but also across…
The Next Ten Years In Oil Markets
An eventful 2019 wraps up a decade of turmoil in oil markets, in which Brent Crude prices fluctuated from as high as US$125 a barrel in 2012 to as low as US$30 per barrel in January 2016. Geopolitical turmoil, economic growth, soaring U.S….
Dalio & Tudor Jones Warn: “We Will Kill Each Other” If Our Broken Economic System Isn’t Fixed
Two hedge fund icons – Bridgewater founder Ray Dalio and Paul Tudor Jones – joined Yahoo Finance for the 2nd annual Greenwich Investment Forum earlier this month. Speaking directly after Connecticut Gov. New Lamont, with whom Dalio is working to bolster Connecticut’s…