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The Plunge In Oil Prices Continues To Increase Pressure On The Upstream And Downstream Of The Industrial Chain

wallpapers News 2020-04-27

The haze of plummeting oil prices once again enveloped the global market. Analysts believe that both the upstream and downstream of the crude oil industry chain continue to be under pressure due to the "endless" oil price. From mining, storage to transportation, the market is filled with anxiety about the prospects of the energy industry. Affected by multiple factors such as sluggish global oil demand, high inventories, insufficient oil storage capacity, and market speculation, the price of light crude oil futures delivered by the New York Mercantile Exchange in May plummeted on the 20th, breaking the floor all the way, the first in history Fell to a negative value.

After the oil price plummeted, the transportation and storage costs of crude oil were already higher than the price of crude oil itself. According to data from the Bank of America's Global Research Department, crude oil inventories in the Cushing region, where U.S. crude oil futures are delivered, have increased by 15 million barrels. The utilization rate of oil storage facilities in the area has reached about 70% and is expected to reach the upper limit in the coming weeks. As oil storage facilities around the world are filled, offshore floating oil storage is exploding at an unprecedented rate. Global shipping giant Clarkson Prato disclosed in a research report that the oil stored at sea has increased to nearly 250 million barrels, with 50 million barrels of crude oil entering inventory every week. The decline in international oil prices has advantages and disadvantages for net oil-importing countries, and the overall benefits outweigh the cons.

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Tag: Oil Prices