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2021 Could Be A Much Better Year For Canadian Oil - OilPrice.com

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It’s been a really tough year for oil nations around the globe, but nearly no one has had it worse than poor Canada. On that infamous day, April 20th, when oil prices plunged below zero in a historic bottoming-out thanks to an oil glut, OPEC+ price war, and absolutely demolished demand due to the pandemic, Canadian oil prices actually dipped into the negatives hours before the West Texas Intermediate crude benchmark followed suit. Even before Black April, as some have started to call it, Canadian oil had hit a rough patch. Years ofpipeline shortageshave provided the Canadin oil sector with a strange complication: plenty of supply and plenty of demand, but no way to connect the two. The severe lack of modes of transportation for Canadian oil created a supply glut which then forced Canadian oil producers to sell their product at a major discount. This unfortunate situation ended upcosting Canadian producers a whopping $20 billion in lost profits in 2018, according to calculations by con…

Redbox's Free Live TV comes to Xbox One consoles - Yahoo Tech

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Redbox's Free Live TV comes to Xbox One consoles - Yahoo TechRedbox's Free Live TV comes to Xbox One consoles - Yahoo TechPosted: 24 Oct 2020 02:00 PM PDT InvestorPlace4 Oil Stocks To Buy as the Price of Crude Stabilizes As U.S. equity markets trade near all-time highs, coming back from their March lows, several sectors have been left behind, notably banking and energy. I believe that oil stocks are poised for a rally in the coming quarters. Last month, Fitch Ratings forecast that global GDP will fall by 4.4% in FY 2020, which implied a "modest upward revision from the 4.6% decline expected in the June." Deutsche Bank also believes that the global GDP will "return to pre-virus levels by mid-2021." In another forecast, the Organisation for Economic Co-operation and Development expects 5% GDP growth in the coming year.InvestorPlace - Stock Market News, Stock Advice & Trading Tips The point I am trying to make here is that the worst is possibly…

Gas prices may jump thanks to Hurricane Laura - 13newsnow.com WVEC

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Gas prices may jump thanks to Hurricane Laura - 13newsnow.com WVECGas prices may jump thanks to Hurricane Laura - 13newsnow.com WVECPosted: 25 Aug 2020 12:00 AM PDT More than a half-dozen refineries have already closed, according to AAA.ATLANTA — Gas prices may spike a bit higher as Hurricane Laura approaches the Gulf Coast. According to AAA - Auto Club South, more than a half-dozen refineries in the Gulf Coast region have experienced closures since forecasters indicate that Hurricane Laura will be much stronger than originally anticipated when it makes landfall this week. "The potential for a price hike is always there when a hurricane threatens the Gulf Coast refinery region," said AAA spokesperson Montrae Waiters. "Incremental increases are possible if the storm causes damage resulting in long-term impacts to oil rigs/refineries or the fuel supply chain as a whole." GasBuddy announced on Tuesday that effective immediately, the fuel availability tracker in their app …

What's Next For Oil As Prices Go Negative - OilPrice.com

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What's Next For Oil As Prices Go Negative - OilPrice.comWhat's Next For Oil As Prices Go Negative - OilPrice.comPosted: 20 Apr 2020 12:00 AM PDT Oil prices crashed through zero, closing out the day at -$37 per barrel, an unprecedented meltdown.There are mitigating circumstances to these insane numbers. The prices for WTI reflect the contract for May, which expires this week. The collapse is a reflection of traders abandoning the May contract, and moving on to June. The thinly-traded May contract loses some relevance, and analysts say that the June contract – trading at $20 per barrel as of Monday – now becomes the important number to watch.Nevertheless, it is hard to ignore the historic numbers flashing across the screen. As futures contracts expire, they tend to converge with the realities of the physical market. Prices went negative because the physical market in Oklahoma and Texas is so overwhelmed. OPEC+ did agree to historic production cuts, but not for April. In…

Oil Futures Slide on Crude Build - DTN The Progressive Farmer

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Oil Futures Slide on Crude Build - DTN The Progressive FarmerOil Futures Slide on Crude Build - DTN The Progressive FarmerPosted: 07 Oct 2020 12:00 AM PDT EIA inventory report for the week ended Oct. 2 was overall bullish, detailing a sizable 1.4-million-bbl draw in gasoline stocks and a 962,000-bbl decline in distillate fuel inventories. Total commercial petroleum stockpiles declined 2 million bbl from the previous week to 1.419 billion bbl as product supplied to the U.S. market increased by 898,000 barrels per day (bpd) on the week.U.S. commercial crude oil inventories increased for the first time in four weeks during the week-ended Oct. 2, up a modest 501,024 bbl to 492.9 million bbl, about 12% above the five-year average. Analysts mostly expected crude oil stocks to have been drawn down further below the previous week's five-month low.The unexpected build could be partly explained by a sizable jump in domestic crude production during the week reviewed, up 300,000 bpd to 11 mill…

Oil Prices Slip Again As COVID Cases Surge - OilPrice.com

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COVID cases are now surging around the globe, threatening oil demand and sending oil prices back below $40.For Global Energy Alert members there are nowtwo new free reports availablein your dashboard. The first of these reports is onhow to interpret stock chartsand the second outlinesthe three biggest mistakes made by traders today.Make sure you become a member to read these reports and many more.Friday, October 23rd, 2020On Thursday, the U.S. reported more than 70,000 COVID cases for the first time in three months, and the trajectory suggests the U.S. may break new record highs in the coming days. The numbers help explain weak (and weakening) gasoline demand in the U.S., a theme also unfolding in Europe. The pandemic continues to largely cap any potential price rally. Crude remains stuck at $40, where it has traded for the better part of four months.Two-speed oil market. Demand is weak in Europe, the U.S. and Latin America, and remains depressed as the coronavirus continues to spread…

Prices climb at the pump following reopenings - 13newsnow.com WVEC

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Prices climb at the pump following reopenings - 13newsnow.com WVECPrices climb at the pump following reopenings - 13newsnow.com WVECPosted: 15 Jun 2020 12:00 AM PDT Since mid-May, gasoline demand has increased 18% nationwide.NORFOLK, Va. — Gas demand is on the rise. Since mid-May, gasoline demand has increased 18 percent to 7.9 million barrels per day, according to the latest Energy Information Administration (EIA) report. The slow, but steady rise in demand has pushed the national pump price more expensive by 13 percent in the same time frame. Today's national average is $2.10. That is seven cents more on the week, 24 cents more on the month, but 59 cents cheaper on the year. The current average in Hampton Roads is $1.79, up six cents from last week and 11 cents over last month. Last year, the average was $2.45, 66 cents higher than today. Even though we aren't paying much now, we are seeing a steady rise, as expected, with many states reopening. "As Americans drive more, they…