Traders scramble to unload cheap crude cargoes as glut grows | Malay Mail

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LONDON, March 31 — Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, with some US oil valued at roughly US$10 (RM43) a barrel. The oil market is caught between a collapse in demand due to the...

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A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, US November 22, 2019. — Reuters pic

Refineries worldwide have started to shut units, with some closing outright, while major operators like India’s IOC have declared force majeure on crude purchases as they struggle with the sudden stoppage in demand. Key benchmarks in Canada and Mexico traded at less than US$10 per barrel yesterday, less than the cost of production.

Trafigura yesterday estimated global oil demand will fall by about 30 million bpd, or about one-third of daily world consumption, as lockdowns hammer fuel needs. Commodities merchant Mercuria offered three May cargoes carrying WTI-Midland at dated Brent minus US$3.40 for Rotterdam delivery on Monday, while Trafigura offered the same at minus US$4.10 a barrel.

Midland traded as low as US$9.75 below the US benchmark, which settled near US$20 a barrel on Monday.

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