(Bloomberg) -- China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.The world’s biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles, a source of considerable speculation in the oil market because of the government’s reluctance to release information about their formation, size or use.Beijing has asked government agencies to quickly coordinate filling tanks and using financial tools like options to lock in current low prices, the people said, asking not to be identified because the matter is confidential.In addition to state-owned reserves, Beijing may use commercial space for storage as well, while also encouraging companies to fill their own tanks, the people said. The initial target is to hold government stockpiles equivalent to 90 days of net imports, which could eventually be expanded...
U.S. President Donald Trump said he has invited U.S. oil executives to the White House to discuss ways to help the industry "ravaged" by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia. Trump also said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a "few days" - lowering production and bringing prices back up....
(Bloomberg) -- American intelligence officials concluded that China concealed the extent of the outbreak there. The Pentagon aims to provide as many as 100,000 body bags for civilian use in the U.S.New York and New Jersey said deaths have doubled in the past three days. Florida finally ordered residents to stay at home, while Los Angeles’ mayor asked the whole city to wear masks outside. The U.S. administration is weighing whether to halt flights from some of the hardest-hit cities.BP Plc joined companies including Tesla Inc. and Qantas Airways Ltd. managing infections in their workforces, and a cruise-ship standoff intensified off Australia. France and Spain reported their deadliest days. Italy and Germany moved to extend lockdowns. In the U.K., 1 million people surged onto welfare. Key Developments:Global cases top 937,000; 47,000 dead: Johns HopkinsYoung age of many New York patients surprises doctorsLocked up, beaten and shamed: virus laws lead to abuseEuropeans...
Boeing Co is set to offer buyout and early retirement packages to employees, two people familiar with the matter said on Wednesday, a bid to mitigate the financial fallout from the coronavirus pandemic. Boeing was initiating a voluntary layoff plan that allows eligible employees who want to exit the company to do so with a pay and benefits package, one of the people said. Boeing Chief Executive Dave Calhoun is expected to detail a voluntary layoff plan in a memo to employees as early as Thursday, the second person said....
The clinical trials of Moderna Inc.'s (NASDAQ: MRNA) novel coronavirus (COVID-19) vaccine are "on track," according to National Institute of Allergy and Infectious Diseases Director Anthony Fauci.What Happened Fauci, who is one of the lead members of the White House Coronavirus Task Force, said that the clinical trials require the vaccine to be administered in three doses to the human volunteers, CNBC reported.The first two doses have been tested and a larger third dose is now being administered to check for adverse reactions, Fauci noted, according to CNBC.The Moderna vaccine clinical trial started on March 16, and is being fast-tracked, but as per Fauci, it would still be another 12 to 18 months before it can be made available at a mass scale, even if it's approved for use."It'll take a few months to get the data to where we'll feel confident to go to the phase two, and then a...
FTR has released the COVID-19 Impact Heatmap, which assesses the state-level rate impacts by four trucking equipment types – dry van, refrigerated, flatbed, and specialized – using Truckstop.com spot market data. ...
