Скачать с ютуб Will need consolidation in oil industry: Wells Fargo economist Mark Vitner в хорошем качестве

Will need consolidation in oil industry: Wells Fargo economist Mark Vitner

Jonathan Golub of Credit Suisse and Mark Vitner of Wells Fargo join "Squawk on the Street" to discuss the state of the oil industry and the broader markets. U.S. oil prices were on track for their worst day on record on Monday, with crude storage facilities filling rapidly as the coronavirus pandemic continues to crush demand. The May contract of U.S. West Texas Intermediate (WTI) futures fell to $11.54 a barrel on Monday, down more than 36%. It means the price grade is on pace to register its worst day back to contract inception in 1983. To be sure, the May contract expires on Tuesday, thus leaving it exposed to weaker trading volumes and more extreme market moves. The June contract of WTI, which is more actively traded, stood at $22.29 a barrel, almost 11% lower. Meanwhile, international benchmark Brent crude stood at $26.41 on Monday, around 6% lower for the session. It comes amid heightened concern that the volume of oil held in U.S. storage is rising sharply, with the coronavirus crisis compounding the problem by dramatically reducing consumption. “The current forward crude oil curves for Brent and WTI are now in very deep contango, but the contango is also very front-loaded,” Bjarne Schieldrop, chief commodities analyst at SEB, told CNBC via email. A contango market implies oil traders believe crude prices will rally in the future, encouraging them to store oil now and to sell at a later date. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV