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[OilPrice.com @OilandEnergy]

While renewables have seen their market share grow fast in the last couple of years, fossil fuels still make up 84 percent of the world’s energy mix

https://t.co/cUKfYepSaE

[Art Berman @aeberman12]

Disagree. In depression, people choose cheapest, most productive forms of energy--oil, gas, coal

"The UK energy major said coronavirus would...accelerate the transition towards cleaner forms of energy."
https://t.co/VR7e64WxCZ
#OOTT #oilandgas #oil #WTI #CrudeOil #fintwit #OPEC

[Javier Blas @JavierBlas]

BREAKING: Top oil ETF $USO gets green light from the SEC to issue a fresh 1 billion new shares, opening the door for another influx of speculative money into the oil market. USO filed for permission on April 20 | #OOTT More on @TheTerminal

[arjun⚡️murti @ArjunNMurti]

Oil rig count is unustainably low. Yes, shut-ins/DUCs will come back. But no way 206 oil rigs including 141 in Permian works in any GDP recovery scenario. Shale supply will fall off a cliff at current rig counts. #OOTT

[Torbjørn Kjus @Kjusern1]

Oil storage crisis fading on global production cuts and recovering demand https://t.co/pESDkGjQnD

[Clifford Krauss @ckrausss]

The Permian basin was the epicenter of the shale boom, now its the epicenter of its demise

https://t.co/LHTRBXIAfj

[Javier Blas @JavierBlas]

CHART OF THE DAY: The number of oil drilling rigs operating in the U.S. plunges even further, reaching 325 (down 53 this week), according to Baker Hughes data. That's a 52% drop in just 8 weeks | #OOTT #Permian via @TheTerminal

[Jamie Webster @websterdrake]

Demand indicators are turning a corner
- Rail use up
- Flights at top 10 US airports up 11% in past 10 days
- Driving levels up

But returning to January levels will take years, and for some indicators a decade or more

[WoodMac Oil Price @WMALHittle]

For oil market:
Month of May will see year-on-year demand declining less than in April.
OPEC+ cuts will be kicking in.
Peak oversupply will be April, ease in May

[Dan Pickering @pickeringenergy]

Tsunami of shut-ins are coming. Speaking with multiple public/privates, all saying they've got their plans and are starting to turn off volumes. Realized cash pricing $2-$10 the driver. Not surprising, but evidence the "market" works faster than government, regulators or OPEC+.

[Jason Bordoff @JasonBordoff]

As an International Advisory Board member of @ONS_Stavanger, it's disappointing to see this excellent event taken down, but clearly the right thing to do given the extraordinary and difficult circumstances. Look forward to 2022!

[Art Berman @aeberman12]

Most producers didn't sell at negative spot prices.
Spot price is an ask based on futures & an API correction.

That's the point, not the price.

Large producers have contracts with refineries at a set monthly price.

Smaller producers often don't so they put it in the tank.

[OPEC @OPECSecretariat]

For 2020, the world oil demand growth forecast is revised downward by 6.9 mb/d, to a historical drop of around 6.8 mb/d. The contraction in the 2Q of this year is expected to be around 12 mb/d, with April witnessing the worst contraction at about 20 mb/d.#MOMR

[Rystad Energy Oil Markets @RystadEnergyOil]

Gradually, then suddenly.

US #crude oil stocks are literally off the charts, and filling up storage at a faster rate than ever seen before. Midwest is filling up fastest, and we expect this to continue through the end of April as refiners reduce crude intakes. #Crude #OOTT

[Javier Blas @JavierBlas]

Saudi Aramco has delayed the release of its official selling prices (OSPs) until April 9. Riyadh is giving itself maximum space to either cut output, or retaliate with big discounts if deal doesn't happen | #OOTT #OilPriceWar via @A_DiPaola17 https://t.co/8iiCMQUtfR

[WoodMac Oil Price @WMALHittle]

Trump has the authority to do this because it Federal waters... would be 2 million b/d but very tough for companies to do this!

[Javier Blas @JavierBlas]

UPDATED: The OPEC+ coalition is pressing other oil producers to join a deep reduction in global crude output and stem a historic price crash (with OPEC+ delegates saying a target of 10 million b/d talked is "realistic") #OOTT #OilPriceWar #covid19 https://t.co/0PB4xhn4jG

[Javier Blas @JavierBlas]

FULL LETTER: Texas oil regulator (Railroad Commissions) calls for public meeting for April 14 after request from U.S. shale producers Pioneer and Parsley to determine demand for Texas oil production (as a first step for pro-rationing). Big Oil is against output cuts | #OOTT

[Javier Blas @JavierBlas]

BREAKING: U.S. shale company Whiting Petroleum becomes the first to go down, filling for chapter 11 bankruptcy protection, as #oil prices plunge. Whiting is big in North Dakota's Bakken basin | #OOTT #OilPriceWar #covid19 #NorthDakota