Mohamed El-Erian said Monday the U.S. economy could experience a double-digit percentage contraction in 2020 due to the coronavirus pandemic. “I think we may be at minus 10% to minus 14% growth for the U.S.,” he said on CNBC’s “Squawk Box.” “I’m a little bit more
The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude. What’s happening: US oil prices plunged, falling below $0 Monday to $-37.63 a barrel. That’s
Oil prices plunged to a record low and into negative territory on Monday as uncertainty mounted about storage for excess supply. WTI crude oil futures expiring in May plunged 321%, to -$40.32 a barrel, while Brent crude slid 9.5%, to $25.41 at intrasession lows. The coronavirus pandemic has
U.S. crude oil prices dropped by almost 300 percent to turn negative for the first time as plunging demand pushed storage facilities to their limits. May delivery for the U.S. benchmark crude, West Texas Intermediate, sank to a new low of minus $37.63 a barrel
For decades, oil bears have made grand claims about oil prices crashing to $1. It was never really a claim that industry professionals would take seriously, with most observers viewing it either as fear-mongering or hyperbole. On Monday the 20th of April 2020, WTI front-month
The front-month WTI crude contract crashed by 37 percent early on Monday as the May contract expires on Tuesday and the market fears there is not much storage left in the United States amid collapsing demand in the coronavirus pandemic. At 8:54 a.m. EDT on
The offshore drilling market is set to be one of the worst-hit in the oil price crash and demand collapse, as companies are reassessing drilling programs and canceling or halting offshore contracts, IHS Markit said in its latest Offshore Marine Monthly analysis on Monday. Demand for offshore
The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil industry even worse. With oil demand crashing in the lockdown and storage capacity filling up