Halliburton’s cannibals, Petrobras’s parked cars – the COVID-19 energy hangover

Brazil 345 Coronavirus 434 Energy - Conventional 385 Energy - Crude Oil 264 Energy - Refined Oil 185 Industrials - Capital Goods 476 Quote Watch 265 U.S. 4649

Crude oil prices have been crushed in 2020 by a slump in demand caused by the COVID-19 pandemic, resulting in disruptions across oil-related supply chains. In the three months to Oct. 21 WTI oil prices were 28.5% lower on average than in Q4’19. There are some small signs of a recovery in demand with Brazilian imports of refined oil having risen by 4.4% year over year in August after a 25.9% slide in the three months to July 31. That’s favored U.S. suppliers including Phillips 66 and Valero whose shipments in total rose by 30.0% in August, while shipments from Europe including Royal Dutch...

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