Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports, noting the move could have dire long-term consequences for the production facilities. Steam-driven oil sands production, also called steam-assisted gravity drainage, involves injecting steam into an oil
This week began with a bang for the oil markets. On Sunday the members of OPEC+ struck a historic deal to slash production by a whopping 9.7 million barrels in May and June in an attempt to rescue oil prices from the depths of the
Despite the historic OPEC+ production cut deal, available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in many countries. OPEC and its Russia-led allies promised to remove 9.7 million bpd from the market starting
Oil extended its slide in Asia, trading at near two-decade lows after agreed cuts by the biggest producers were seen barely making a dent in the demand destruction wrought by Covid-19 and on increasing concerns that traders are quickly running out of room to store
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Much of the $350 billion in the Small Business Administration’s emergency coronavirus relief fund was effectively spoken for within the first minutes of launch, according to senior banking executives. “We didn’t even get through the first five minutes of applications,” a JPMorgan Chase senior banking executive said.
A look at equity futures shows broad declines after last week marked a second weekly gain, and coming alongside President Trump’s daily coronavirus briefing (ongoing). S&P 500 and Nasdaq futures are down by more than 0.9%, while the Dow futures are down 1%. They’re also following oil prices which
Germany will order 45 fighter jets from Boeing (NYSE:BA) to replace aging craft, Der Spiegel reports today. The country will order 30 F/A-18 Super Hornets and 15 EA-18G Growlers to replace aging Tornado jets, according to the report. The magazine said German Defense Minister Annegret Kramp-Karrenbauer mailed Defense Secretary