Russia’s Rosneft oil company said Saturday that it's halting operations in Venezuela and selling its assets there to a company fully owned by the Russian government, a move apparently intended to protect Russia's largest oil producer from U.S. sanctions while Moscow continues supporting Venezuelan President Nicolas Maduro. The sale follows the United States imposing sanctions on two Rosneft subsidiaries in an effort to cut a critical lifeline Russia extended to Maduro after the U.S. government made it illegal for Americans to buy crude from Venezuela....
(Bloomberg) -- American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity.Plains All American Pipeline LP, one of the biggest shippers of crude in the U.S., sent a letter this week asking its suppliers to scale back production. The notice came from the company’s marketing unit that buys and sells oil to customers. A Texas oil regulator said Saturday that drillers were getting similar notices from pipeline operators.The messages signal the oil market is fast approaching the moment traders have been warning about -- when crude supplies overflow storage tanks and pipelines as the coronavirus pandemic drags down oil demand by the most in history.“We are sending this proactive request to our suppliers to ask that you take steps to reduce oil production in response to the pandemic,” Houston-based Plains said in...
Last year Ferrari introduced a new model to the lineup. I hesitate to use the term “entry level,” but that’s what the new Portofino is, the cheapest, or most attainable model Ferrari has on offer. ...
Today, we are writing about a pattern our research team is seeing in the Gold/Silver ratio which is correlated to the price movement of Gold. What does this mean and how can we profit from this setup?...
(Bloomberg) -- President Donald Trump said a quarantine may be imposed on metropolitan New York, the disease’s U.S. epicenter. The U.K. had its deadliest 24 hours. Spain had record fatalities for a second straight day.Michigan may become the next U.S. hotspot as Trump approved a disaster declaration for the state.Russia is closing its borders after a sharp rise in cases over a week, Sweden is conducting random testing in Stockholm and Japan is planning an “unprecedented” stimulus.Key Developments:Cases top 621,000; 28,600 dead, 135,000 recovered: Johns HopkinsSpain reports 832 deaths, exceeding Friday’s recordU.K. fatalities jump 34% in one dayAbbott gets emergency approval for five-minute testTrump signs $2.2 trillion aid packageJapan plans supplementary budget, cash handoutsSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here.Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics,...
