tyb's
ROGUE11 US Army RC-12P Guardrail out of Osan AB, south and return
U.S. oil falls more than 10% to lows not seen since 1999
Current price -cap#1 $2 lower @$15.45 than last check.
Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic.
The oil market has been under pressure due to a spate of reports on weak fuel consumption and grim forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency.
The volume of oil held in U.S. storage, especially at Cushing, Oklahoma, the delivery point for the U.S. West Texas Intermediate (WTI) contract, is rising as refiners throttle back activity due to slumping demand.
The front-month May WTI contract was down $2.62, or 14%, to $15.65 a barrel by 0142GMT. At one point, the contract had fallen as much as 21% to hit a low of $14.47 a barrel, the lowest since March 1999. Numerous majors have announced supply reductions, including Chevron Corp, BP plc and Total SA. But economic growth is sagging, and physical crude markets and an estimated record 160 million barrels of oil stored onboard ships suggest prices will keep falling. That contract is expiring on Tuesday, and the June contract, which is becoming more actively traded, fell $1.28, or 5.1%, to $23.75 a barrel. Brent was also weaker, down 21 cents, or 0.8%, to $27.87 a barrel.
https://www.reuters.com/article/us-global-oil/u-s-oil-falls-more-than-10-to-lows-not-seen-since-1999-idUSKBN2210V9
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart