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Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on March 31.But they initiated 40 million barrels of new purchases as well as 59 million barrels of fresh sales, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.
What might not be so obvious in this COVID-19 environment, which we have grown to associate with shortages, is that counterintuitively there are issues beginning to appear dealing with the opposite situation. The Journal of Commerce has reported that “[t]he container shipping industry is marshaling a response to signs of a building import backlog as some retailers and manufacturers fail to pick up containers because warehouses are full or closed due to not being deemed essential service providers responding to coronavirus disease 2019 (COVID-19).
Production from the Hummingbird Spirit FPSO operating at the Chestnut field in the UK sector of the North Sea has been shut down after a coronavirus case has been confirmed aboard.It was initially understood that there has been one confirmed case, and one subsequent suspected case on the FPSO and that production has been temporarily shut-in. The Teekay-owned FPSO is located at Spirit Energy-operated Chestnut offshore oil field.A Spirit Energy spokesperson said the company was working closely with Altera Infrastructure and Teekay "and offering them all the support we can at this time.”Teekay Offshore Partners in March changed its name to Altera Infrastructure.
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the rapid spread of the coronavirus beyond its origin in China and the social and economic havoc it's wreaking across the globe, it may seem that climate change has dropped off the radar screen.
The acting head of the U.S. Navy, in a surprise speech to the crew of a coronavirus-stricken aircraft carrier, castigated their former commander for writing a leaked letter that demanded the Navy take stronger action to halt the spread of the illness.Acting Navy Secretary Thomas Modly stood by his decision to relieve Captain Brett Crozier of his command in a speech to crew members of the aircraft carrier Theodore Roosevelt while it was docked in Guam early on Monday.“If he didn’t think that information was going to get out into the public in this information age that we live in, then he was A, too naive or too stupid to be a commanding officer of a ship like this,” he said.