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Oil Analyst Expects US, Canada To Help Balance Market, Dampen Prices
Monday, May 11, 2020 - 1:28pm | 583Read More...The recent crash in oil demand brought prices below zero in April as storage for the commodity ran out, but this issue is expected to be a short-term one. “It is clear that the extremely fast decline in supply of 3.5-4.5m bl/day in the U.S. and Canada has helped to balance the market,”...
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Today's Pickup: Aperia Turns To Virtual Tire Training
Wednesday, April 22, 2020 - 11:17am | 1010Read More...Good day, Tires remain the top maintenance cost for most fleets, as they have for many years. Most experts agree that the best way to reduce tire costs is to ensure they are properly inflated, that drivers are performing proper checks, and that tires are maintained and replaced as needed....
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Crippled Crude Oil Presents Conundrum For These Russia, Saudi Arabia ETFs
Tuesday, April 21, 2020 - 2:30pm | 682Read More...It's not even Wednesday and it's fair to say oil futures and the related exchange traded products are having wild weeks. At this writing Tuesday, the popular United States Oil Fund (NYSE: USO) is lower by almost 30%. USO, which tracks front month West Texas Intermediate (WTI) futures, but...
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After Price Wars And A Pandemic, What's Next For U.S. Shale?
Tuesday, April 21, 2020 - 11:45am | 1035Read More...A few things will go back to "normal" once the COVID-19 pandemic is under control, but somethings may not. The U.S. shale oil industry is one of them. The shale oil industry had been on the rise and it appeared there was very little that could derail it. Innovation and technology drove...
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US Crude Oil Just Did Something Unbelievable; What Does It Mean For Trucking?
Monday, April 20, 2020 - 4:24pm | 1212Read More...There's a scene in "The Godfather: Part III" in which Michael Corleone is in the middle of an argument between his nephew Vincent and a Mafia chieftain named Joey Zasa. Michael wants no part of it and declares in frustration: "What does all this have to do with me?" If you're in the trucking...
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Bleak Picture: Steep Crude Demand Plunge Dogs Energy Industry as Q1 Earnings Results Loom
Friday, April 17, 2020 - 9:29am | 2365Read More...It came like a bolt out of the blue, a sudden gusher that spiked beaten-down crude prices nearly 25% in a single day and put Energy stocks into greener pastures for the first time in weeks. The oil shock was a tweet from President Trump on the morning of April 2. He said he’d spoken to the...
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Oil Analyst Expects Rise In Demand Later In 2020, Says V-Shaped Recovery 'Less Certain'
Thursday, April 16, 2020 - 3:55pm | 456Read More...Oil prices are expected to make a sharp V-shaped rebound in the second half of 2020, but the sentiment is muted but for now as the COVID-19 pandemic continues to spread, according to one analyst. Last week, the Organization of the Petroleum Exporting Countries plus group, which includes...
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Today's Pickup: Industry Production Sees Its Biggest Monthly Fall Since World War II
Thursday, April 16, 2020 - 1:48pm | 621Read More...Good day, The large-scale closure of restaurants, factories, storefronts and mines has hit the U.S. economy severely, as people reduced their retail spending by a seasonally adjusted 8.7% in March month-on-month, making it the biggest decline in records going back to 1992. Sales at clothing stores...
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Repurposing Railcars To Store Crude Oil Doesn't Look Too Promising
Thursday, April 16, 2020 - 10:01am | 967Read More...With fears that the world is so overflowing with crude oil that markets will literally run out of places to put it, attention has turned to another option to hold it: railcars. But it doesn't look like it's going to happen, so those who need to be sure those railcars are available for other uses...
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Thursday's Market Minute: Oil Demand Devastated
Thursday, April 16, 2020 - 9:20am | 196Read More...As the world continues to grapple with COVID-19, Crude Oil faces an especially challenging situation with the WTI contract yesterday making 18-year lows at 19.20. Global demand for oil has been devastated as people around the globe are staying put to avoid the virus, while the product...
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Today's Pickup: Ware2Go Providing Free Logistics Support To PPE Relief Effort
Tuesday, April 14, 2020 - 11:54am | 901Read More...Good day, Ware2Go is partnering with 1M Masks to ship over one million medical masks to healthcare workers at no cost. Warehouse operator Transformco is donating labor costs at its Fairless Hills, Pennsylvania, warehouse to support the effort. Ware2Go is donating its logistics technology, network...
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Oil Experts React To OPEC+ Production Cuts
Monday, April 13, 2020 - 3:43pm | 545Read More...The oil price war came to an unofficial end after the world's largest oil producers, the OPEC+ group, said they collectively cut their output by 9.7 million barrels of oil per day. Here's how multiple experts reacted to the latest developments. Senator Says Deal An Important First Step...
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Massive OPEC+ Cuts Not Enough To Derail Tanker Earnings
Monday, April 13, 2020 - 2:55pm | 1237Read More...Never before has oil production been slashed this much this quickly, but it still isn't enough to offset coronavirus demand destruction. OPEC and cooperating non-OPEC countries such as Russia (a coalition known as OPEC+) will cut output by 9.7 million barrels/day (b/d) in May-June, 7.7 million b/d...
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Monday's Market Minute: OPEC Production Cut To Avoid A Glut
Monday, April 13, 2020 - 9:32am | 407Read More...With demand for crude products on the decline due to the coronavirus, OPEC over the weekend announced the largest production cut ever. The multi-lateral decision to cut 9.7M bpd came after weeks of negotiations, while the cut itself is four times larger than the one back in 2008, which was the...
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Oil Gains, US Equities Fall As OPEC And Allies Agree To Lower-Than-Expected Production Cuts
Monday, April 13, 2020 - 2:05am | 459Read More...Oil prices posted gains early Monday after the Organization of the Petroleum Exporting Countries and allies agreed to long-awaited production cuts in a Sunday meeting. What Happened The United States futures options dipped as the 9.7 million barrels per day cut (mb/d), the OPEC+ countries agreed to...
