World Market Not Awash  in Oil

World Market Not Awash in Oil

Andy Hall, one of the best-known oil traders who is bullish on prices, said the decline in the oil market is not a repeat of 1998 or 2008. The absence of “extreme contango,” which occurs when commodities prices close to delivery are cheaper than those to be delivered at later dates, suggests that “the world, whilst moderately oversupplied, is not awash in oil,” Hall said in a letter to investors, Bloomberg reported. He expected to see a decline in production forecasts by the International Energy Agency. There is probably more than 200 million barrels of crude oil storage capacity still available, Hall said in the letter. Brent crude, the benchmark for about half the world’s oil, fell 1.1% to $50.10 a barrel on the London-based ICE Futures Europe exchange.


Short URL : https://goo.gl/EZxXOv
  1. https://goo.gl/D1jJ8Q
  • https://goo.gl/KZ4lmW
  • https://goo.gl/VGWHtq
  • https://goo.gl/YhCHBU
  • https://goo.gl/JnGhGN

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...