the First Corona, then the price of Oil crashes, then the courses a break. This is not a concatenation of unfortunate circumstances, but a crisis in the oil Industry.
BERLIN taz | On Monday, the computers were on Wall Street for 15 minutes of counting a set: After the Panic selling at the start of the trading day the major stock exchange in the world, broke down the rates by more than 7 percent. The value there is an automatic forced break to allow tempers to calm down, as the analyst Jill Schlesinger said on CBS News shortly after. On Monday morning, there were similar declines in other stock markets around the world, also in Germany.
Why, there are several reasons, beginning with the Coronavirus is. In particular, China consumes ever since then, significantly less Oil, because the factories are still and the transport rests in many places. The oil producer of the Opec States cut back, therefore, the promotion of, Russia did not want to go along on the weekend, so the arrangement fell through. The Saudi group, Saudi Aramco announced that it plans to reduce prices and encourage even more Oil. Analysts spoke of a conscious "Oil war" between Russia and Saudi Arabia.
media speculated, Russian President Vladimir Putin is seeking revenge on the U.S. for sanctions, and therefore the talks fail: a low Oil price is bad for the US Oil companies, most of which promote very expensive, and agreements would not be bound. A very unlikely analysis, Putin's state budget is executed in 2014 to 44 percent on the sale of Oil and Gas.
For the Crash, the markets were different explanations, all of which should play a role: "There is no doubt that automated sales have accelerated by Computer the sell-out", said the market analyst Jeffrey Halley of the trading platform Oanda. In addition, it is probably simply a lack of understanding; for the current Disruption of world trade due to the Coronavirus, there is no historical example, not a template, according to which actions. "People are crazy. You don't understand the economic impacts of the Virus and just sell everything,“ said analyst Schlesinger.
financial analyst Kathy Hipple from the Institute for Energy Economics and Financial Analysis in Cleveland, USA, goes a step further. She also sees a structural Problem in the Oil industry. Thus, the entire Fracking industry in the United States in a terrible economic condition. "The business model for Fracking has never paid," she says. Even before the oil shock, a wave of bankruptcies among the companies was noted.
your Institute analyzed the 30 most important companies, the fracking in the USA for the past ten years, Oil and Gas and largely contributed to the increase, that the country is today, Oil imports are almost independent. With a few exceptions, all would make these companies a permanent loss.
Alone in the Oil of ExxonMobil, have 2019 11.7 billion dollars invested. All had expected, with stable or rising Oil prices. Now you fall. The effects are not yet clear. Presumably there will be job losses, including in politically contentious regions, which will be contested in the coming US elections particularly.
In Germany reacted after all, gasoline prices are already on the Oversupply. The average price for Super E10 in the 100 largest cities has fallen in the past few days. Experts expect further falling prices. "The development of the market is also the customer at the pump is noticeable," says a spokesman for the mineral oil industry Association MWV. The fuel taxes provide a steady Base, but the Oil companies disclose the purchase prices on to the consumer.
the stock markets To ventures currently in view of the escalating corona crisis no-one to forecast. After similar losses in February, there were a couple of days later, but again, record profits.
staff: Finn Mayer-cuckooDate Of Update: 10 March 2020, 10:00