(Bloomberg) -- Oil rallied on optimism that consumption could gradually return as major producers continue to cut output to counter a global glut.West Texas Intermediate futures surged 22% Wednesday. U.S. gasoline stocks fell by 3.67 million barrels compared to an estimated build of 2.49 million, according to the U.S. Energy Information Administration. Weekly gasoline supplied, an indicator of demand, rose by 549,000 barrels a day, the most since May.“That was a nice surprise to the market,” Nick Holmes, portfolio manager at Tortoise, said regarding better-than-expected results for crude inventory and gasoline supply in the EIA report.The discount on crude for June delivery relative to July, a structure known as contango, tightened to as little as $3.28 a barrel after blowing out to as wide as $7.69 Tuesday.The narrowing gap in the front-month spread suggests that the concern about storage may be easing, according to Michael Lynch, president of Strategic Energy &...
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Oil prices rebounded Wednesday, after the market received a boost from surging stocks amid renewed hopes for a drug to fight coronavirus.The price of oil plummeted to historic lows earlier this month as the coronavirus pandemic crushed demand. On Wednesday, WTI crude oil was trading at $16 a barrel (June contract), up 25.69%."Crude oil has stabilized following the carnage that followed the collapse and move to negative prices of the now expired May contract," Ole Hansen, head of commodity strategy at Saxo Bank, says in a note.The short-term fundamental outlook remains very disturbing given the potential need for more than 15 million barrels a day of forced shut-ins from producers around the world, the strategist says. Oil's Recovery Drivers The recovery led by WTI crude was driven by hopes that the Energy Information Administration's weekly inventory report would show signs of a bottom in demand, Hansen says. "In addition, the market...
(Bloomberg) -- Hertz Global Holdings Inc. is doing everything it can to preserve cash and get leniency from lenders to avoid a bankruptcy filing in the midst of the travel industry’s collapse, Chief Executive Officer Kathryn Marinello said in an interview.The company has been in discussions with creditors for weeks and is still pushing the U.S. Treasury Department to help rental-car companies, which Marinello says have been hit as hard as the airline sector by the coronavirus pandemic.“We are seeking the support of our lenders and banks,” said Marinello, whose biggest shareholder at Hertz is billionaire investor Carl Icahn. “We are also seeking the support of the government. Yes, we can avoid bankruptcy.”Hertz is working with several advisory firms to restructure its balance sheet, people familiar with the matter said. While the company is preparing for bankruptcy as a possibility, the people said it’s a last-resort option.The company’s shares fell 16%...
