The june contract plunging as well. Down 35 on the session. The carnage we have seen for oil is not over. We have a rally for bonds on this as investors are seeking safety. The biggest question is it seems crude oil is pricing in some sort of a deep recession, maybe something worse, where stocks on the year are down just 10 , perhaps still pricing in the vshaped recovery, which side is right . It is unclear. Perhaps the truth is somewhere in the middle. David thank you so much to for that market check. It is clear President Trump has inherited a major crisis in the white house. We bring in somebody who is familiar with dealing with prices, the white house chief of staff and secretary of defense as well as other major positions. He also leon panetta he is leon panetta. Thank you for being with us. Give us your view from 40,000 feet. You have dealt with crises inside government. How is the Trump Administration doing as they look at this balance between Public Safety and bring the economy
Why did u. S. Oil prices hit negative territory an unprecedented fall in American Crude Oil sales has added to the hardships caused by coronavirus so what will that mean for the u. S. And the Global Economy this is inside story. Hello and welcome to the program im Richelle Carey thats one of the worlds most valued commodities but the coronavirus lockdowns to overturn the dominance of oil the worth of a barrel of u. S. Oil fell to less than nothing on monday thats the 1st time in history the price has turned negative so this means producers ended up paying buyers more than 30. 00 a barrel to get oil off their hands it rebound a slightly shit disturber 2 dollars the next day that jaw dropping slide this because the world has more crude that it could use and Storage Facilities and even ocean tankers are filling up oil is traded on future contracts and fears of not finding a place to put oil in may means nobody wants crude thats led to a severe drop for west texas intermediate a benchmark
[cameras shuttering] ms. Mcenany good afternoon. I have an announcement for you on hospital funding as appropriated in the third phase of Coronavirus Relief. The Trump Administration will distribute a total of 12 billion to 395 hospitals across the country that have been hardest hit by the covid19 pandemic. These hospitals have collectively cared for 70 of the 184,000 americans that required hospital inpatient care. 10 billion of the 12 billion will go toward hospitals treating 100 or more covid19 admissions. H. H. S. Is just to bidding an is distributing an additional 2 billion to these 395 hospitals in proportion to the amount of care they provide to low income and uninsured patients. This is consistent with our effort to ensure americans who need federal government assistance the most receive it. We will be releasing a breakdown of the states receiving this funding and the counties receiving this funding. New york, new jersey, and illinois received the most funding by state, while n
On this, and take the oil and find a place to ship it. That is proving to be a real conundrum for these markets here. There is a company, variety of companies that do this for a living including one called valpak. It has storage barrel systems i dont know what you call it all over the world, include places in singapore, rotterdam, theyre essentially saying there is no room at the inn. Weve run out of space for the space people are looking. Sort of a doubleedged sword here. The fears in the market they have not gone away. At love oil suppliers, their concerns have not gone away. A lot of wildcatters, smaller businesses if you take exxonmobils and chevrons out of this, to lesser extent occidentals host of others theyre still feeling the pinch. Not as much as you would think. Off lows early this morning but still down appreciably. So well be looking at the forward month contract where june is the most heavily traded at the moment. So we will keep an eye on that but we will also keep an ey
And the pandemic could double the number of people going hungry around the world. And finding ways to stay in business how small shopkeepers in iraq is survival in the coronavirus restrictions. Now with the pandemic throwing world all markets into turmoil donald trump says his government will bail out the u. S. Industry the president told his energy and treasury secretaries to formulate a plan to make Funds Available to ensure the survival of american oil and Gas Companies well that follows an unprecedented collapse in u. S. Prices because of a plot in supply the u. S. Futures market dive deep into negative territory for the 1st time ever on monday the lowest the price of the benchmark u. S. W. T. R. Blend sank to minus 37. 00 a barrel the International Benchmark brant crude is trading at around 20. 00 a barrel but thats still its lowest price since september 11th attacks in 2001 we have gay. Real amazon though on wall street tracking the fallout of the us oil crash but 1st our White H