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RE:RE:RE:RE:RE:WTI-dropped below $15!

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FP/wire say Husky, rivals see oil stay below $20 (U.S.)

 

2020-04-17 06:04 PT - In the News

See In the News (C-HSE) Husky Energy Inc

The Financial Post reports in its Friday edition that oil closed under $20 (U.S.) a barrel for a second day as projections that demand will fall to a 30-year low outweighed an agreement by the world's biggest producers to curb supply. A Bloomberg dispatch to the Post reports that futures in New York ended the day unchanged from the 18-year low set Wednesday. OPEC said it expects demand for its crude to fall to the lowest in three decades as the COVID-19 outbreak freezes the global economy, underscoring the urgency of the group's promised output cuts. OPEC and its allies have agreed to curb output by 10 per cent next month. The group, however, will still be pumping more than the market needs in the second quarter. TD analyst Bart Melek says the cuts "certainly aren't going to be near enough to balance the market." Inventories from America to Europe and Singapore have all ballooned this week. The glut is looking so severe that the Trump administration is considering paying American companies to leave crude in the ground. The stock builds come as the International Energy Agency said 2020 may be the worst year in the history of the oil market as lockdowns globally lead to the biggest hit to demand ever.