• Latest
  • Trending
Oil Rebound

REPORT: Oil Prices May Drop to ‘Below Zero’ As Prices Rise Again

04/02
Supreme Court Upholds State Power to Defund Planned Parenthood’s Medicaid Services

Supreme Court Upholds State Power to Defund Planned Parenthood’s Medicaid Services

06/26
Matt Gaetz Discusses Israel-Iran Conflict Motives

Matt Gaetz Questions Israel’s Motives in Iran Conflict

06/25
Harvard Study Alleges 377,000 Palestinians Unaccounted for in Gaza

Harvard Study Alleges 377,000 Palestinians Unaccounted for in Gaza

06/25
Black Customer Storms Out After Auto Shop Questions Juneteenth

Black Customer Storms Out After Auto Shop Questions Juneteenth

06/23
Illegals Exploit Social Security Loophole to Steal 2020 Election Votes

Illegals Exploit Social Security Loophole to Steal 2020 Election Votes

06/23
AIPAC LOBBYIST SAYS JEWISH LIVES MATTER MORE THAN ALL OTHER LIVES

AIPAC LOBBYIST SAYS JEWISH LIVES MATTER MORE THAN ALL OTHER LIVES

06/21
ZeroHedge Debate: Dave Smith Dismantles the Case for Regime Change in Iran

ZeroHedge Debate: Dave Smith Dismantles the Case for Regime Change in Iran

06/20
THE THEOLOGICAL BASIS FOR REJECTING CHRISTIAN ZIONISM

THE THEOLOGICAL BASIS FOR REJECTING CHRISTIAN ZIONISM

06/19
Ex-St. Kate’s Nursing Dean Faces Charges for $400k Embezzlement Scandal

Ex-St. Kate’s Nursing Dean Faces Charges for $400k Embezzlement Scandal

06/19
Gaza Palestinian Relocation Plan Stirs Global Outcry

Gaza Palestinian Relocation Plan Stirs Global Outcry

06/19
Scott Adams Cancer Diagnosis Shocks Fans Globally

Scott Adams Cancer Diagnosis Shocks Fans Globally

06/19
Diddy Trial Reveals Obama’s Ties to Drug Dealer, Echoing Suge Knight’s Claims

Diddy Trial Reveals Obama’s Ties to Drug Dealer, Echoing Suge Knight’s Claims

06/19
Thursday, June 26, 2025
Subscribe
SUPPORT
National File
  • Home
  • Culture
    • Christianity
    • Video Games
    • Marxism
    • Snowflakes
    • Free Speech
  • News
    • Breaking News
    • International News
    • Fake News
    • Exclusive
  • Politics
    • Gun Rights
    • The Swamp
    • Deep State
    • Supreme Court
    • 2020
    • 2022
    • 2024
  • Big Tech
    • Technology
    • Alt-Tech
  • Sports
  • Education
  • Rona’
SUBSCRIBE
  • Home
  • Culture
    • Christianity
    • Video Games
    • Marxism
    • Snowflakes
    • Free Speech
  • News
    • Breaking News
    • International News
    • Fake News
    • Exclusive
  • Politics
    • Gun Rights
    • The Swamp
    • Deep State
    • Supreme Court
    • 2020
    • 2022
    • 2024
  • Big Tech
    • Technology
    • Alt-Tech
  • Sports
  • Education
  • Rona’
No Result
View All Result
National File
SUBSCRIBE
Home Coronavirus

REPORT: Oil Prices May Drop to ‘Below Zero’ As Prices Rise Again

CNN Business reports space to store oil may run out

by Archive
April 2, 2020
in Coronavirus, Culture, Economic War, International News, News
Oil Rebound

Last Updated on April 2, 2020

Due to the global Covid-19 pandemic which has led to severe travel restrictions in order to slow the spread of the deadly coronavirus, storage space for oil may evaporate as gasoline is markedly underused.

The severe travel restrictions, as a result of social distancing recommendations and forced quarantining, has meant that a significant number of international flights have been grounded and local road travel immensely curtailed.

RelatedPosts

Supreme Court Upholds State Power to Defund Planned Parenthood’s Medicaid Services

Black Customer Storms Out After Auto Shop Questions Juneteenth

Illegals Exploit Social Security Loophole to Steal 2020 Election Votes

Several reports–some falsified–detailing environmental improvements have circulated social media.

According to the piece by CNN Business, as Saudi Arabia and Russia have engaged in an oil price war, supply has remained constant amid the global crisis.

The author asserts “That could mean a supply glut so epic that the world will soon run out of room to store all the unneeded barrels of oil.”

However, the price war may cause prices to bounce back, with Brent Crude Oil jumping 10% to $27 a barrel.

Trump, at a White House Press Conference, said “It’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going to make a deal.”

The US President also expects the two countries to “work it out over the next few days.”

Jeff Wyll, senior energy analyst at Neuberger Berman, said “The market is starting to signal that not only is there no demand for this crude, eventually there could be nowhere for it to go,” which is something which has not happened in over twenty years.

On Monday, oil fell by 7% reaching an 18-year low, making it the worst quarter on record as it plunged by two-thirds in the first three month, according to The BBC.

Another CNN Business article reported:

US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus pandemic continues to deal a devastating blow to energy demand.

At session lows, oil touched $19.27 a barrel — the weakest intraday price since February 2002.

Brent crude, the world’s benchmark, tumbled as much as 13% and fell to as low as $21.65 a barrel, its lowest point in 18 years. Brent settled at $22.76 a barrel, the lowest close since November 2002.
The recent oil glut saw a Wyoming crude grade bid for at negative 19 cents a barrel.

However, the oil was sourced far from water which plunged its price into negative territory. Gas extracted from West Texas also traded in the negative due to a lack of local pipelines, making distribution very difficult.
A fall in shale oil production–due to production costs–may have also contributed to a rise in prices because of a slight drop in supply.

Former Energy Secretary Rick Perry recently appeared on Tucker Carlson Tonight to warn Americans and President Donald Trump that a massive reduction in oil prices would jeopardize the United States’ national security.

Tags: Oil PricesRussiaSaudi Arabia
Archive

Archive

NationalFile.com

Related Posts

Supreme Court Upholds State Power to Defund Planned Parenthood’s Medicaid Services
Abortion

Supreme Court Upholds State Power to Defund Planned Parenthood’s Medicaid Services

June 26, 2025
Black Customer Storms Out After Auto Shop Questions Juneteenth
Civil Unrest

Black Customer Storms Out After Auto Shop Questions Juneteenth

June 23, 2025
Illegals Exploit Social Security Loophole to Steal 2020 Election Votes
Elections

Illegals Exploit Social Security Loophole to Steal 2020 Election Votes

June 23, 2025
Load More
Next Post
Coronavirus Spitter Dead

VIDEO: Man With Coronavirus Spits at Man's Face, Later Drops Dead

Hundreds of Journalists Are Being Labelled Non-Essential, Laid Off or Given Reduced Salaries

Hundreds of Journalists Are Being Labelled Non-Essential, Laid Off or Given Reduced Salaries

Coronavirus Doctor Test China

VIDEO: Doctor Says Coronavirus Tests 'Only 60% Accurate,' Doesn't Trust Tests From China

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Breaking News

  • EXCLUSIVE: The Federal Government Is Tracking Unvaccinated People Who Go To The Doctor And To The Hospital Due to CDC-Designed Surveillance Program

    EXCLUSIVE: The Federal Government Is Tracking Unvaccinated People Who Go To The Doctor And To The Hospital Due to CDC-Designed Surveillance Program

    0 shares
    Share 0 Tweet 0
  • FULL RELEASE: Ashley Biden Diary Reveals Child Sex Trauma, Drug Abuse, Resentment For Joe – Whistleblower

    0 shares
    Share 0 Tweet 0
  • EXCLUSIVE SOURCE: Biden Daughter’s Diary Details ‘Not Appropriate’ Showers With Joe As Child

    0 shares
    Share 0 Tweet 0
  • FBI Asks Judge to Delay Seth Rich Laptop Release for 66 Years

    0 shares
    Share 0 Tweet 0
  • McCarthy Used FTX Cash to Defeat Conservatives in 2022

    0 shares
    Share 0 Tweet 0

Recommended

Matt Gaetz Questions Israel’s Motives in Iran Conflict

Harvard Study Alleges 377,000 Palestinians Unaccounted for in Gaza

Black Customer Storms Out After Auto Shop Questions Juneteenth

Illegals Exploit Social Security Loophole to Steal 2020 Election Votes

AIPAC LOBBYIST SAYS JEWISH LIVES MATTER MORE THAN ALL OTHER LIVES

Facebook Twitter Reddit Telegram RSS

Category

  • 2020
  • 2022
  • 2024
  • Abortion
  • Adoption
  • Alt-Tech
  • Bannon
  • Big Pharma
  • Big Tech
  • BLM
  • Borders
  • Breaking News
  • Cancel Culture
  • cartoons
  • Censorship
  • China
  • China
  • Christianity
  • Civil Unrest
  • Climate Hysteria
  • commentary
  • Con Inc
  • Coronavirus
  • Corruption
  • Crime
  • Culture
  • Deep State
  • Dissident Right
  • Drugs
  • Economic War
  • Economy
  • Education
  • Election Integrity
  • Elections
  • Exclusive
  • Fact Check
  • Fake News
  • Fake News Media
  • Feminism
  • Free Speech
  • Germany
  • Gun Rights
  • Hate Hoax
  • Human Trafficking
  • Immigration
  • Impeachment
  • International News
  • Iran
  • Israel
  • January 6th
  • LGBTQ
  • Life
  • lifestyle
  • Mafia
  • Man-Made Disasters
  • Marxism
  • Medical
  • Movies
  • NarcoGovernments
  • National Security
  • Nationalism
  • Nationalism vs. Globalism
  • Natural Disasters
  • News
  • op-ed
  • Opinion
  • Opioid Crisis
  • Palantir
  • Palestine
  • Politics
  • Populism
  • Race
  • Radical Islam
  • Related Stories
  • Religion
  • Russia
  • Sex Crimes
  • Snowflakes
  • Soros
  • Space Race
  • Sports
  • States
  • Supreme Court
  • Taiwan
  • Technology
  • Terrorism
  • The Church
  • The Hill
  • The Swamp
  • Thomas Massie
  • Trump
  • Tucker Carlson
  • Ukraine
  • Unions
  • Video
  • Video Games
  • Violent Crime
  • Vote fraud
  • Voter Fraud
  • Voter Fraud Investigation
  • White House
  • Wholesome News
  • Zionism

Recent News

  • Supreme Court Upholds State Power to Defund Planned Parenthood’s Medicaid Services
  • Matt Gaetz Questions Israel’s Motives in Iran Conflict
  • Harvard Study Alleges 377,000 Palestinians Unaccounted for in Gaza

© 2024 NationalFile.com National File, LLC. Privacy. Corrections. About Us. All Rights Reserved.
Have any questions or suggestions? If you are having difficulty unsubscribing from our mail subscription please send an email here info@nationalfile.com Want to advertise with us? Please email: info@nationalfile.com

No Result
View All Result
  • Home
  • Politics
  • News
  • Culture
  • Coronavirus
  • Sports
  • 2020
  • Breaking News
  • Civil Unrest
  • International News
  • The Swamp
  • Big Tech
  • Deep State
  • Voter Fraud
  • Marxism
  • Free Speech
  • DONATE
  • SUBSCRIBE

© 2024 NationalFile.com National File, LLC. Privacy. Corrections. About Us. All Rights Reserved.
Have any questions or suggestions? If you are having difficulty unsubscribing from our mail subscription please send an email here info@nationalfile.com Want to advertise with us? Please email: info@nationalfile.com