{"id":570957,"date":"2020-04-23T04:30:55","date_gmt":"2020-04-23T04:30:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/the-week-the-oil-markets-turned-upside-down\/"},"modified":"2020-04-23T04:30:55","modified_gmt":"2020-04-23T04:30:55","slug":"the-week-the-oil-markets-turned-upside-down","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/the-week-the-oil-markets-turned-upside-down\/","title":{"rendered":"The week the oil markets turned upside down"},"content":{"rendered":"

<\/a> The week the oil markets turned upside down:<\/strong> With all the havoc wrought upon the global economy by the coronavirus over the past six weeks, the oil markets have held up relatively well. The key word here is relatively \u2014 up until the beginning of this week WTI prices had plunged more than 61% since the beginning of the year. But until a few days ago prices had held their ground in the mid-USD 20 range since the end of March despite all available evidence pointing to an intensifying supply crisis.<\/p>\n

Saudi Aramco\u2019s price cuts<\/a><\/strong> in its attritional oil war with Russia <\/strong>combined with the shuttering of much of the global economy only pointed one way.<\/strong> On Monday, US crude finally caved: Prices crashed from USD 55.90\/bbl to USD -37.63<\/a>. With just two days left before the expiry of the May futures contract, traders for the first time in recorded history began throwing money at any buyers they could find in a frantic bid to avoid taking delivery. It was a rampage that some observers speculate could sign the death warrant for WTI as the US benchmark.<\/p>\n

WTF happened to WTI?<\/strong> The shutdown of swathes of the global economy combined with the ill-timed Saudi-Russia-US battle for market dominance has resulted in a chronic case of oversupply and an unprecedented demand slump. Across the world, airlines are grounded, cars gather dust in garages, and entire sectors of economies lie anaesthetized by governments desperate to stamp out the spread of the virus. Add to this the price war and Aramco spewing crude at full throttle and you have a world drowning in oil \u2014 mns of barrels lying stationary on newly-deployed supertankers<\/a> and storage sites full to the brim. All this has left Cushing \u2014 the sleepy Oklahoman hub for US crude \u2014 practically overflowing with oil. Traders, seemingly unable to take physical delivery, were at one point paying USD 37.63\/bbl<\/a> to anyone who would take it off their hands.<\/p>\n

Was this merely a blip \u2014 or a sign of a more profound imbalance in the markets?<\/strong> Granted, WTI\u2019s momentary trip into sub-zero prices was hardly reflective of the broader market. Contracts further ahead on the curve remained in positive territory, and the more widely-used Brent benchmark fell by a comparatively modest 7.7%. The nature of WTI contracts also played a major role in the sell-off. Contracts for US crude, unlike Brent, do not allow cash settlements<\/a>, forcing traders to take delivery if held until expiry. This would have provided little assurance to traders though: The next day, prices of the June contract plunged 43% to just USD 11.57<\/a> and June Brent joined the selloff, falling 24.4% to settle at USD 19.33.<\/p>\n

A portent of things to come? <\/strong>This extension of volatility into longer-term contracts betrayed a more troubling reality: as long as the status quo persists, Monday\u2019s dive into negative prices may not be merely a historic blip but a portent of things to come. \u201cIf we have not recovered from covid in July so that enough driving has come back and storage is full, then the price of crude oil is going to be zero,\u201d one analyst said<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The week the oil markets turned upside down: With all the havoc wrought upon the global economy by the coronavirus over the past six weeks, the oil markets have held up relatively well. The key word here is relatively \u2014 up until the beginning of this week WTI prices had plunged more than 61% since […]<\/p>\n","protected":false},"author":1,"featured_media":570958,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[107,93,72,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-covid-19","tag-energy","tag-enterpriseam","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"8c851de7-9d60-4c5a-95d9-b39147181964","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/201.jpg","photo_position":"above","related_issue":[570938],"teaser":"","voice_url":""},"yoast_head":"\nThe week the oil markets turned upside down - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/the-week-the-oil-markets-turned-upside-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The week the oil markets turned upside down\" \/>\n<meta property=\"og:description\" content=\"The week the oil markets turned upside down: With all the havoc wrought upon the global economy by the coronavirus over the past six weeks, the oil markets have held up relatively well. 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Climate stocks are overheating as investors get more bullish on renewable energy companies looking to capitalize on the shift by policymakers and consumers towards environmentally-friendly products, analysts tell the Financial Times.The historic post-corona rally in US stocks has been particularly\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545901,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/","url_meta":{"origin":570957,"position":4},"title":"We\u2019re paying more at the pumps","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"The government raised fuel prices by c. 3% over the weekend amid a rise in global oil prices on the back of Russia\u2019s invasion of Ukraine. 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