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    Home > Coatings News > Paints and Coatings Market > Industry | fell more than 7%, under 20 US dollars! The global market may face a new round of storm!

    Industry | fell more than 7%, under 20 US dollars! The global market may face a new round of storm!

    • Last Update: 2021-03-28
    • Source: Internet
    • Author: User
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    On March 30, international oil prices fell sharply again, and WTI crude oil futures gapped and opened lower.
    In just half an hour, they fell by more than 7% to below US$20.
    WTI crude oil futures fell sharply by more than 7% at the beginning of the trading day, to the lowest US$19.
    92 per barrel, which was at least the lowest level since 2002.
    As of press time, WTI crude oil fell more than 5% to US$20.
    38 per barrel.
    In addition, spot gold jumped at the opening quotation, as high as 1,638.
    83 US dollars per ounce, and is now reported at 1,628.
    89 US dollars per ounce.
    The three major U.
    S.
    stock index futures opened lower collectively.
    Dow futures fell 2.
    51%, S&P 500 futures fell 2.
    21%, and Nasdaq futures fell 2.
    03%.
    Last week (March 23-29), as central banks and governments continue to introduce and increase stimulus measures, European and American stock markets rebounded collectively.
    The Dow rose nearly 13% in a week, the largest weekly gain since 1938.
    The German DAX index rose 7.
    9% weekly, and the French CAC40 index rose 7.
    5% weekly, both setting the biggest weekly gain since December 2011, ending a five-week losing streak.
    Both WTI and Brent crude oil have fallen by about 2/3 this year.
    The crude oil market structure is in a premium structure (Contango), and the magnitude is the ten-year extreme.
    According to Reuters calculations, last week, Russia’s benchmark export-grade intermediate sulfur-containing Ural crude oil was only US$18 per barrel, while Saudi Arabia sold its Arabian light crude oil for US$16 per barrel in Europe.
    The price difference between the near-month contract and the far-month contract in the futures market exceeds $10, which is also at a historical level and is the largest price difference since the most severe period of the global financial crisis in January 2009.
    The head of the International Energy Agency (IEA) said last Thursday that global crude oil demand is expected to drop by 20%.
    In this regard, Russell Hardy, CEO of Vitol Switzerland, the world's largest independent crude oil trader, said that such a large decline in demand "we have never seen it before.
    " And Saudi Arabia has so far shown no sign of stopping the price war, and neither has the country and Russia returned to the negotiating table.
    No one knows how long the epidemic and price war will last, and there are not enough data and facts for analysts to make judgments. This spring, the international oil price plummeted, which is good news for major oil importers, but it means a cold winter for the entire oil and gas industry.
    Domestic and foreign oil companies have expressed their intention to reduce capital expenditures.
    International oil prices will remain at an ultra-low level for a period of time.
    .
    The already precarious U.
    S.
    shale oil industry is worse off.
    The industry generally believes that the oil price required for the U.
    S.
    shale oil break-even is more than US$40/barrel.
    This means that if the oil price is lower than this figure, American shale oil companies will Loss.


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