Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.
Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.
The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.
"Oil price likely to be moving towards USD15/barrel based on the above scenario"
"Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades."
@DreamKentut "Since ROHAS falls under Industrial Products, I pass this one DK. Thanks for the headsup.. "
The cat missed a hefty 35% meal since the heads up.
Purrrr.. 01/04/2020 10:14 AM
Congratulation DK. Well done.
Like I said earlier, unfortunately ROHAS does not fits into my 2020 Business Plan. Here are my 4 Boutiques.
P1 Plantation P2 Oil & Gas P3 Digital Economy P4 Visit Malaysia Year.
One of the sector under Visit Malaysia Year is Heath Care. I decided to priorities my small contribution to fight COVID-19 is buying the Top 3 Gloves Companies in the World i.e. Hartalega, Top Gloves and Kossan. We are donating 18 million gloves to China and supply to the World Communities to help them fight the Coronavirus...cats included. These Top 3, have also been providing a healthy meals and provide more ammunition to reinvest in my collection on the above 4 Boutiques..
Hartalega 142.42% Top Gloves 105.55% Kossan 102.50%
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
TAK1
1,458 posts
Posted by TAK1 > 2020-04-01 08:44 | Report Abuse
https://www.upstreamonline.com/rigs-and-vessels/bottom-to-fall-out-of-southeast-asian-rig-market-rystad/2-1-784792