- Oil held losses after falling from a seven-year high on the back of a coronavirus resurgence and bearish technical indicators.
None of Google s Biggest Moonshot Is Its Search for a Carbon-Free Future?
None The Top Money Maker at Deutsche Bank Reaps Billions From Singapore.
None Beef Industry Tries to Erase Its Emissions With Fuzzy Methane Math.
Futures in New York traded near $82 a barrel early in the Asian session after sliding more than 1% on Thursday. Lockdowns have returned in parts of Eastern Europe following a flare up in Covid - 19 cases, while Russia ordered the most sweeping virus restrictions earlier this week. Oil s 14 - day relative strength index was also signaling that a price correction was overdue.
Oil rallied to the highest level since 2014 this week as a global energy crunch coincided with a broader economic recovery from the pandemic. The crisis has led to crude stockspiles at the key U.S. storage of Cushing rapidly draining to near critically low levels, while Saudi Arabia said any extra oil from OPEC would do little to bring down surging natural gas prices.
The structure of the U.S. crude market has firmed in a bullish pattern. The closely watched spread between the nearest December contracts for WTI has blown out above $10 a barrel to the widest since 2013.
Shortages of natural gas have prompted greater greater demand for crude, but surging gas prices are also threatening to eat up the profit some oil refiners are making on fuels, forcing them to cut processing rates. Gas - specifically methane - is central to making the hydrogen that oil refineries rely on for diesel-producing machines, which help to eliminate sulfur.
How do Donald Trump, Elon Musk, and Gwyneth Paltrow Short-Circuit Your Ability to Think Rationally?
Homeopathy Doesn't Work. None These out-of-work Americans tell us Job Market Turmoil Is Anything But Transitory.
What Does My Brain Scan Revealed About the Science of Persuasion?
None Jane Fraser Has a plan to Remake Citigroup While Tormenting Rivals.