The COVID-19 crisis has decimated travel demand, with an unprecedented number of flight cancellations in the second half of March. Dallas-based Southwest swung to a net loss of $94 million for the quarter ended March 31, compared to a profit of $387 million a year earlier. Total operating revenue declined 17.8% to $4.2 billion....
(Bloomberg) -- Crude extended its slide to near $10 a barrel as exchange-traded funds and indexes flee the volatility of nearby futures contracts following the market’s plunge below zero last week.Futures fell in New York after losing more than $4 on Monday. S&P Dow Jones said it will roll all of its West Texas Intermediate crude contracts for June into July on Tuesday, due to the risk that June prices go negative. The United States Oil Fund LP is also selling all of its WTI June contracts, while several other ETFs have said they will sell near-term contracts and buy later ones.The moves are depressing near-term WTI prices versus those further out, with June futures now more than $7 below July. The U.S. benchmark is also about $9 cheaper than global benchmark Brent futures as a result of the selling, which has seen holdings in the June contract fall by more...
Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker's stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers. Shares of Tesla surged 10% on Monday ahead of the company's quarterly report this week, and in anticipation it could soon reopen its Fremont, California, plant after it was shuttered because of the pandemic. Monday's rally put Tesla's market capitalization at $145 billion....
Apr.28 -- Bernard Looney, chief executive officer at BP Plc., discusses the impact of coronavirus on the business, the decision to not take any government assistance and his outlook for the oil market. He speaks on “Bloomberg Markets: European Open.”...
