Oil reverses deeply into the red; WTI closes at another four-year low
Mar. 17, 2020 3:37 PM ETThe United States Oil ETF, LP (USO), CVX, SM, APA, OKE, FANG, DVN, CTRA, CXO, VLO, PXD, XLE, OIL-OLD, UWT, XOP, UCO, VDE, OIH, BGR, DWT, BNO, ERX, GUSH, SCO, DRIP, FENY, DBO, ERY, FIF, DIG, OILU-OLD1, NDP, DTO, IYE, USL, DUG, OILD-OLD1, IEO, USOI, WTIU-OLD, CRAKOKE, UCO, XLE, IYE, OIH, VDE, VLO, APA, DVN, CVX, PXD, USO, IEO, XOP, OIL-OLD, BGR, CTRA, FIF, DBO, DUG, DIG, SM, CXO, USL, DTO, ERY, ERX, SCO, BNO, FANG, NDP, FENY, CRAK, GUSH, DRIP, UWT, DWT, WTIU-OLD, USOI, OILU-OLD1, OILD-OLD1By: Carl Surran, SA News Editor137 Comments
- Crude oil marks another finish at four-year lows, and analysts say more declines may follow as the coronavirus hurts demand and Saudi Arabia and Russia battle for market share.
- April WTI (NYSEARCA:USO) settled -6.1% to $26.95/bbl, the lowest front-month contract settlement since February 2016, reversing off an early 4.7% gain.
- "We believe we have not seen the worst of the price rout yet," says Bjornar Tonhaguen of Rystad Energy. "The market will soon come to realize that the it may be facing one of the largest supply surpluses in modern oil market history in April."
- "There is still every sign of a price war on the oil market," says Commerzbank's Carsten Fritsch. "If the announced production increases are actually implemented, the price risks plunging further towards the $20 mark."
- Among notable movers: NBL -23.2%, APA -19%, SM -18.6%, OKE -14.7%, FANG -14.3%, DVN -14.1%, XEC -11.6%, CXO -8.9%, VLO -8.2%, PXD -7.8%.
- ETFs: USO, XLE, OIL, UWT, XOP, UCO, VDE, OIH, BGR, DWT, BNO, ERX, GUSH, SCO, DRIP, FENY, DBO, ERY, FIF, DIG, OILU, NDP, DTO, IYE, USL, DUG, OILD, IEO, USOI, WTIU, CRAK