Ida’s Economic Toll Seen as Relatively Modest
Analysts estimate insurance industry losses from the hurricane will hit around $10 billion, one-tenth of the toll of Katrina.
Oil Prices Hit 6-Year High Amid OPEC Discord
Prices surged on news that OPEC failed to reach an agreement on increasing production to satisfy growing demand.
BP Faces $17.5B Q2 Hit
The oil giant lowered its oil price expectations through 2050 due to the COVID-19 pandemic.
Exxon Posts $610M Loss Amid Oil Price Dive
“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins."
Gas Demand Plunges Amid Virus Lockdowns
“The oil industry could take a sustained hit as people stay close to home and forgo typical commutes along with travel plans."
Chevron Slashes 2020 Capital Spending by 20%
The company cited the demand-sapping coronavirus pandemic and a supply increase due to the oil-price war between Saudi Arabia and Russia.
U.S. Airlines in Strong Position to Withstand Virus
Fitch Ratings says industry consolidation and profitability should shield carriers from a temporary falloff in demand.
U.S. Producer Prices Fall 0.6% in February
"The disinflationary impact from the [coronavirus] and the crash in oil prices will exert even more downward pressure on prices."
Oil Prices Rebound on U.S. Stimulus Hopes
After Monday's epic collapse, prices also got a boost from signs that Saudi Arabia and Russia will resolve their differences over oil production.
Oil Prices Jump on Risk of Libya Output Shortage
"The violence in Libya is captivating the market," one analyst says as the benchmark Brent and WTI crudes hit five-month highs.
Oil Prices Dip Into Bear Market Territory
The price of WTI crude fell for the 10th consecutive session, the longest streak of declines since 1984.