Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in more than four years as the spread of the coronavirus stokes fears of slowing global demand. Investors are increasingly worried as the virus has spread beyond its epicentre in China to more than 40 other countries.
Oil futures fell on Thursday, with U.S. prices marking a fifth straight session decline and settling at their lowest since January 2019 as energy demand concerns following the spread of COVID-19 continued to weigh on the market. April West Texas Intermediate oil fell $1.64, or 3.4%, to settle at $47.09 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since January 2019, according to FactSet data.
By Myra P. Saefong and William Watts, MarketWatch. WTI, Brent prices down 5 straight sessions as coronavirus epidemic slows economic growth. Oil futures fell on Thursday, with prices posting a fifth consecutive session decline and their lowest finish in more than a year, as worries about the rapid spread of the COVID-19 epidemic outside of China continued to drive markets.
Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 143 billion cubic feet for the week ended Feb. 21. Analysts polled by S&P Global Platts forecast a decline of 158 billion cubic feet. Total stocks now stand at 2.2 trillion cubic feet, up 637 billion cubic feet from a year ago, and 179 billion cubic feet above the five-year average, the government said. April natural gas was down 11.2 cents, or 6.1%, at $1.725 per million British thermal...
Commodities from oil to copper kept dropping Thursday, continuing a recent slide as traders expect the spreading coronavirus to cripple demand. U.S. crude-oil futures slid 4.9% to $46.33 a barrel on the New York Mercantile Exchange, heading for their lowest close since the end of 2018. Prices are now 30% below a peak hit in early January. Brent crude, the global gauge of oil prices, declined 4.1% to $51.23 a barrel on the Intercontinental Exchange.
EQT Corp (EQT) said on Thursday it renegotiated its gas transportation rates and sold half its stake in pipeline company Equitrans Midstream Corp as the largest U.S. natural gas producer tries to cope with low fuel prices. U.S. natural gas prices are trading at their lowest in nearly two decades, hurting producers, many of whom have disclosed asset writedowns in the last few months.
'Going concern' warning no longer a concern, but shares tumble toward yet another record low as commodities pricing environment has' deteriorated' in recent weeks. Shares of Chesapeake Energy Corp. (CHK) tumbled to another record low Wednesday, after the oil and natural gas production company said it was planning for a reverse stock split and that the commodities pricing environment has "further deteriorated" in recent weeks. The company also reported before the market opened a...
Oil prices tumbled for a fifth day on Thursday to their lowest since January 2019, as further novel coronavirus cases outside China fanned fears that a pandemic could slow the global economy and erode demand for crude. Brent crude dropped $1.88, or 3.5%, at $51.55 a barrel at 1:36 p.m. ET, off the session low of $50.97 a barrel, the lowest since December 2018.
U.S. crude hit its lowest price in more than a year on Wednesday as concerns about the spread of the coronavirus outside China once again dragged oil markets down and began to affect operations of some key oil players in Europe. The main U.S. oil-price gauge, West Texas Intermediate, fell 2.3% to $48.73 a barrel, its lowest closing price since January 2019. Brent crude, the global benchmark, fell 2.8% to $53.43 a barrel. Some Western companies began asking staff to work from home, and...
Oil prices traded higher on Wednesday as data from the Energy Information Administration revealed that U.S. crude supplies edged up by 500,000 barrels for the week ended Feb. 21. Analysts polled by S&P Global Platts expected the data to show a rise of 2.8 million barrels. The American Petroleum Institute on Tuesday reported a climb of 1.3 million barrels, according to sources. The EIA data also showed supply declines of 2.7 million barrels for gasoline and 2.1 million barrels for...
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