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Will Oil Hit $80 This Summer?

Will Oil Hit $80 This Summer? May 12, 2021 India, the world’s third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices. OPEC+, out of its own necessity, has intervened in the oil market on the supply side of the equation to offset the pandemic-depressed oil demand. And despite the group’s relative success at curbing oil production to prevent excess oil inventories from ballooning before the market fully recovers, India’s booming case counts have prevented oil prices from a quicker recovery.

05May2021 Pre-Market Commentary: Wall Street Futures Look Toward A Higher Opening, DOW Up 70 Points, Nasdaq Up 0 6%, Large Inventory Draws Boost Crude Prices WTI Higher At 66 44, ADP Employment Data Disappoints

Written by GaryPeople return to supermarkets as online sales slow (SPY +0.3%). Biggest premarket movers: General Motors, Lyft, Match Group. 10-year Treasury yield edges higher.

Canadian Natural Resources, Oil Hits One-Year Peak: Your Daily Energy News

Can Exxon Bounce Back From A Disasterous 2020?

Premium Content Can Exxon Bounce Back From A Disasterous 2020? By Matthew Smith - Feb 09, 2021, 5:00 PM CST Globally integrated energy supermajor ExxonMobil was severely mauled during 2020. The company reported a massive 2020 full-year loss of $22 billion, its worst performance in roughly 40 years, after being severely impacted by the fallout from the COVID-19 pandemic and March 2020 oil price collapse. By mid-2020 there were even analysts claiming that Exxon was a zombie company only generating sufficient cash flow to service its debt but unable to pay down its considerable financial obligations. It was Exxon’s mammoth fourth quarter 2020 $20 billion loss that set alarm bells ringing for investors. A key component of that loss was $19.2 billion of impairment charges caused by sharply weaker oil and natural gas prices. During 2020 Exxon lost over 40% of its market value and was dropped from the blue-chip Dow Jones Industrial Average, after nearly a century in the inde

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