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Oil Futures Fall Below Zero for 1st Time in History

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Oil Futures Fall Below Zero for 1st Time in History

Prices drop as low as minus $40 per barrel as traders sell off oil futures in frenzy due to lack of oil storage space

PETR SVAB

U.S. oil prices plunged to unprecedented negative numbers on April 20 as a lack of storage space and weak demand forced oil producers and traders into the bizarre situation of paying anybody willing to take the oil.

The price of West Texas Intermediate (WTI), the leading U. S. oil price index, to be delivered in May dropped at one point to about negative $40 a barrel, before somewhat rebounding to negative $37.63.

The negative price was caused by traders who realized that there’s going to be a severe lack of capacity to store the oil about to be pumped out in the coming weeks. The market quickly reached a point where storage became more valuable than the oil itself.

Storage capacity has been scarce for weeks while demand has dramatically slowed due to efforts to mitigate the global spread of the CCP virus.

Contracts to buy oil produced in May need to be closed by April 21 on the Chicago Mercantile Exchange (CME). Traders who speculate on oil prices close such contracts with no intention of obtaining the physical oil. Instead, they plan to sell the contracts later, hopefully at a higher price. As the deadline approached, it became clear how scarce were buyers who can actually take deliveries of the oil. Speculators stuck with the contracts thus went into a frenzy to unload them.

The PRICE Futures Group

Phil Flynn, Senior Analyst,

The crude oil tanker Chemtrans Cancale is seen anchored offshore as it waits to dock at Port Everglades in Fort Lauderdale, Fla., on April 20, 2020.

“This is a reminder that you never say never in oil,” said Phil Flynn, senior analyst at The PRICE Futures Group. “Those that said that WTI would never trade negative were proven wrong from the coronavirus.”

It’s the “crazy times,” he said in an email, where there’s “more oil to deliver than anyone wants.”

So far, the phenomenon seems temporary. For now, contracts for oil produced in June remain positive, at around $20 a barrel.

Industry in Distress

The rock-bottom oil prices threaten to wipe out a major part of the U.S. oil industry. WTI has been below $20 for nearly a week now, while producers need it on average above $30 to at least cover operating expenses for existing wells.

Some producers can pump at a price as low as $2 to $5 a barrel. Most, however, need much more. Many can’t even turn a profit below $ 40, according to a survey by the Federal Reserve bank of Dallas.

To open a new well, oilers on average need the WTI to be about $50.

Pandemic Effect

The CCP (Chinese Communist Party) virus, also called novel coronavirus, broke out in the central Chinese city of Wuhan around November 2019, before spreading across China and the world.

By April 20, there have been over 2.47 million confirmed cases and nearly 170,000 deaths, with many more likely in countries with unreliable data.

The pandemic prompted governments to impose stay-at-home orders and business shutdowns that forced millions into unemployment. With the economic slowdown, demand for oil plummeted, leaving oilers scrambling to cut costs and production.

“Because producers have been lagging in their production cuts, we’re seeing an overwhelming amount of crude oil looking for a place to go around the world,” said Andy Lipow of Lipow Oil Associates.

Crude stockpiles at the oil trading hub in Cushing, Oklahoma, rose 9 percent in the week to April 17, totaling around 61 million barrels, market analysts said, citing an April 20 report from Genscape.

“It’s clear that Cushing is going to fill, and it will stay full for the next several months,” Lipow said.

Price War

The glut has been exacerbated by a price war between Russia and Saudi Arabia that started after Russia walked away from talks on production cuts with the Organization of Petroleum Exporting Countries (OPEC) in early March. Both countries then escalated production, flooding the already shrinking market.

Moscow, Riyadh, and other major oil producers have since agreed to cut production by 9.7 million barrels a day, but those cuts don’t begin until May. Meanwhile, Saudi Arabia is ramping up deliveries of oil, including big shipments to the United States.

Worldwide oil consumption is roughly 100 million barrels a day, and supply generally stays in line with that. But consumption is down about 30 percent globally, and the cuts so far have been much less.

Filing the Reserve

To prop up the industry, President Donald Trump has ordered the filing of the Strategic Petroleum Reserve (SPR), which can hold about 700 million barrels, but only stored some 635 million in January.

Yet, the $3 billion earmarked for filling the SPR was cut from the coronavirus stimulus package by Democrat legislators, who criticized it as a “big oil” bailout.

On April 14, the Energy Department announced contracts with nine oil companies to store oil for them in the SPR.

The contracts under negotiation are for some 23 million barrels that should be delivered to the SPR in May and June, “with possible early deliveries in April,” the department said in a release.

“Awardees can schedule the return of their oil through March 2021, minus a small amount of oil to cover the SPR’s cost of storage.”

Louis Kersh, Brett Weinzapfel and Mergan Hawkins Recognized By IACTE

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U E

Three University of Evansville education students have received Outstanding Future Educator awards for their performance as education majors at UE.

Each year the Indiana Association of Colleges for Teacher Education (IACTE) recognizes outstanding future teachers from universities across the state. Faculty members nominate students from each specialized field (elementary, secondary, and special education), and then vote on the top candidate from each field. The top candidates each receive a certificate of excellence.

This year, recipients from the University of Evansville are seniors Louis Kersh, a special education major from Indianapolis, IN; Brett Weinzapfel, a biology education major from Mt. Vernon, IN; and Megan Hawkins, an elementary education major from Shoals, IN.

These individuals were selected by the School of Education faculty for their accomplishments throughout their education programs and for their exceptional promise as future classroom teachers.

Dr. Lisa Hale, assistant professor of education, noted, “Megan Hawkins is an educator who will help students achieve their dreams. She is a strong advocate for children and an ambassador of kindness. A lifelong learner, her work in the teaching profession will serve as an inspiration for others.”

“It is rare to find so many outstanding qualities in one candidate,” stated Dr. Mary Lombardo-Graves, assistant professor of education.” Louis Kersh is dedicated, compassionate, kind, and truly knowledgeable about the best practices in teaching. He always has the students’ well-being in mind and carefully plans to meet the needs of all learners.”

“Since he was a freshman, Brett Weinzapfel has been focused on his goal of becoming a high school biology teacher,” said Dr. George Iber, associate professor of education. “Always responsible and organized, he focused on the students, delivered great lessons, reflected on how he could make the teaching and learning more effective and all the while continued to complete his demanding work in the biology department. He will certainly be a valuable teacher wherever he is hired.”

Halie Fain earns State Farm MVC Good Neighbor Award

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Fain is one of ten recipients in the conference

In an effort to honor the achievements of exceptional student-athletes, the Missouri Valley Conference has created the State Farm MVC Good Neighbor Award.  Ten student-athletes have been named by Commissioner Doug Elgin as the honorees for the 2019-20 Spring season.

Representing the Purple Aces is junior softball player Halie Fain.  In the classroom, Fain has performed at an exceptional level, standing with a 3.77 GPA as a Neuroscience major.  She is a 2-time NFCA All-American Scholar-Athlete.

Fain has also contributed a great deal of time to the community.  Organizations she has worked with include: BGRA Habitat, GCHS Softball Camp, Ace Race, Boo at the Zoo, UE International Bazaar, Toys for Tots, Sayre Christian Village, Night of Memories, Susan G. Komen Breast Cancer Walk, Bridal Expo and the Evansville Rescue Mission Race.

On the field, Fain is one of the most dangerous baserunners in the MVC.  She finished the 2020 season ranked second in the league as she converted 14 of her 16 stolen base attempts.  Fain made 10 starts this season while seeing action in 22 games.  She batted .269.

In order to be eligible for the award, the student-athlete must be in good academic standing, must demonstrate good citizenship through good sportsmanship and significant community service, and must participate in a sport, during the season of recognition.  The Valley will recognize 10 student-athletes three times annually (fall, winter, spring), for a total of 30 honorees.  Institutions select their State Farm MVC Good Neighbor Award honorees.

AACSB International Recognizes Schroeder School of Business for Microlending Program

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U E

AACSB International (AACSB)-the world’s largest business education network-recognized the University of Evansville’s Schroeder School of Business among 25 business schools as highlights of its Innovations That Inspire member challenge. An annual initiative, the challenge recognizes institutions from around the world that serve as champions of change in the business education landscape. This year’s theme, “Catalysts for Innovation,” emphasizes business education’s efforts to elevate entrepreneurial thinking and new business creation.

The Schroeder School is recognized for its Access to Capital and Expertise for Emerging Entrepreneurs (ACE3) program, which is sponsored, funded, and co-managed by Old National Bank. Students in the program manage a $100,000 portfolio, which offers microloans to women and minority owned businesses. Students interface with clients, review business plans, and serve as underwriters for loans.

“The demand for innovation that engages experts across disciplines and addresses the needs of both local and global communities has never been more apparent than in these unprecedented times,” said Thomas R. Robinson, president and CEO of AACSB. “We are honored to feature the Schroeder School for its valuable role in elevating entrepreneurship through research, teaching, and community engagement.”

Now in its fifth year, the Innovations That Inspire challenge has highlighted more than 120 business school efforts that exemplify forward-looking approaches to education, research, community engagement or outreach, and leadership. To date, members of AACSB’s Business Education Alliance have shared nearly 1,000 innovations, creating a robust repository in AACSB’s DataDirect system to inform and inspire fellow members and the industry.

PUBLIC NOTICE: MEETING APRIL 22ND, 2020 Cancelled

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The Board of Public Safety meeting scheduled for April 22 , 2020 has been cancelled. The Board’s next

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scheduled meeting is May 13 , 2020 at 1:00 p.m.

VANDERBURGH COUNTY FELONY CHARGES

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 Below are the felony cases to be filed by the Vanderburgh County Prosecutor’s Office today.

Robert Lavant March: Domestic battery (Level 5 Felony)

Jason Ryan Haley: Possession of methamphetamine (Level 6 Felony), Unlawful possession of syringe (Level 6 Felony)

Yeroc Shantez Pauley: Dealing in methamphetamine (Level 2 Felony), Domestic battery (Level 6 Felony), Strangulation (Level 6 Felony), Unlawful possession of a firearm by a domestic batterer (Class A misdemeanor), Resisting law enforcement (Class A misdemeanor)

Corey Antwan Layne: Domestic battery resulting in moderate bodily injury (Level 6 Felony), Domestic battery (Level 6 Felony), Strangulation (Level 6 Felony), Criminal confinement (Level 6 Felony), Interference with the reporting of a crime (Class A misdemeanor), Conversion (Class A misdemeanor)

Shelly Renee Cole: Domestic battery (Level 6 Felony)

Roland Tyler Jr.: Carrying a handgun without a license (Level 5 Felony), Possession of a narcotic drug (Level 5 Felony), Possession of a controlled substance (Level 6 Felony), Possession of a narcotic drug (Level 6 Felony), Possession of marijuana (Class A misdemeanor)

April Dawn Bilskie: Obstruction of justice (Level 6 Felony), Possession of methamphetamine (Level 6 Felony), Possession of a narcotic drug (Level 6 Felony)

Rachel Nicole Collins: Dealing in methamphetamine (Level 2 Felony)

Nathaniel Antonio Eguez: Battery against a public safety official (Level 6 Felony), Intimidation (Level 6 Felony), Intimidation (Level 6 Felony), Public intoxication (Class B misdemeanor)

Phoebe Louise Coomes: Unlawful possession of syringe (Level 6 Felony)

Eric Allen Housman: Operating a vehicle with an ACE of 0.15 or more (Level 6 Felony)

Michael Lewis Clasped: Operating a vehicle while intoxicated (Level 6 Felony)

Sherrlynn Lester: Operating a vehicle while intoxicated (Level 6 Felony)

HOT JOBS IN EVANSVILLE

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Secretary / Dispatcher
Midwest Mechanical Services, Inc. – Evansville, IN
$13 – $15 an hour
Duties include answering phones, entering time cards in accounting system, setting up new jobs, invoicing customers, entering payables, review of accounts…
Easily apply
Apr 16
Front Office Assistant
Motion Therapy, LLC – Evansville, IN
We are looking for a competent Executive Administrative Assistant to provide personalized secretarial and administrative support in a well-organized and timely…
Easily apply
Apr 20
Clerical Teachers’ Assistant for 2020-2021 School Year
Evansville Vanderburgh School Corporation 3.7/5 rating   59 reviews  – Evansville, IN
$10.14 an hour
The EVSC works diligently to ensure employees maintain the position that they are hired for but in some cases, transfers may occur in order to effectively serve…
Apr 20
Secretary / Dispatcher
Midwest Mechanical Services, Inc. – Evansville, IN
$13 – $15 an hour
Duties include answering phones, entering time cards in accounting system, setting up new jobs, invoicing customers, entering payables, review of accounts…
Easily apply
Apr 16
Office Assistant
Bassemiers Fireplace Patio, and spas – Evansville, IN
$9 – $14 an hour
You would primarily be acting as the home base for one field sales person. A job for which military experienced candidates are encouraged to apply.
Easily apply
Apr 16
Administrative Assistant/ Digital Manager Web Site
Bassemiers Fireplace Patio, and Spas – Evansville, IN
$12 – $14 an hour
You will need to be flexible, first page of the hand book, if you’re getting paid to do it, its your job. While creating a company our team calls home.
Easily apply
Apr 16
Receptionist – Atria Newburgh
Atria Management Company, LLC – Newburgh, IN
Creates and prints fax cover sheets, memos, correspondence, reports, and other documents when necessary. Answers incoming telephone calls in a cheerful and…
Apr 19
Front Desk Receptionist
MyOptix Family Eyecare – Evansville, IN
$10 – $12 an hour
MyOptix is a well established and growing optometric practice located on the east side of Evansville since 2012. The ideal candidates will posses:
Easily apply
Apr 17
Business Office Director
Newburgh 3.2/5 rating   1,359 reviews  – Newburgh, IN
Diligently works toward the completion of special projects, request, and assignments as appropriate. Directs collection of on-site employee data related to,…
Apr 15
Business Office Director – Atria Newburgh
Atria Management Company, LLC – Newburgh, IN
Diligently works toward the completion of special projects, request, and assignments as appropriate. Directs collection of on-site employee data related to,…
Apr 15
Data Entry Clerk
Aculabs Inc. 2.9/5 rating   102 reviews  – United States
Responsible for specimen receipt and preparation, records creation, reporting of results and transferring data to accounts receivable.
Apr 11
Temporary Records Clerk – Mount Vernon, IN
HR Solutions, Inc. 4.1/5 rating   13 reviews  – Evansville, IN
$16 – $18 an hour
If your background and qualifications match this position, please send your updated resume to: We have been selective in building our own staff from the most…
Easily apply
Apr 10
Administrative Support and Customer Service
UNITED STATES ARMY / ARMY RESERVE 4.3/5 rating   75,430 reviews – Waverly, KY
$20,000 – $30,000 a year
The training and skills you receive can prepare you for a civilian career in practically any civilian position you’re interested in pursuing.
Nov 21

EPA and Federal Partners Commemorate 10-year Anniversary of Deepwater Horizon Oil Spill

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U.S. Environmental Protection Agency (EPA) joined federal partners—including the U.S. Coast Guard, Department of the Interior, the U.S. Department of Agriculture, and the National Oceanic and Atmospheric Administration—in commemorating the 10-year anniversary of the Deepwater Horizon Oil Spill in the Gulf of Mexico. On April 20, 2010, an explosion on the Deepwater Horizon drilling rig led to the largest marine oil spill in American history. Eleven men lost their lives and 17 other individuals were injured. On this 10th anniversary, EPA is honoring the lives lost and injured, acknowledging the damage done to the ecosystem and Gulf Coast, and applauding the incredible restoration that has happened in the Gulf of Mexico.

“I want to acknowledge and thank those EPA employees, as well as those from our sister agencies and state and local partners, who responded to the Deep Water Horizon spill 10 years ago. The men and women who responded,  many working for months on end on the response and cleanup efforts, are true hero’s,” said EPA Administrator Andrew Wheeler.

From the moment the Deepwater Horizon oil spill occurred in 2010, EPA was an active participant in response activities led by the U.S. Coast Guard, including collecting air and water quality samples. Over 100,000 environmental samples were taken by EPA and others, and these data are used to inform the restoration work currently underway in the Gulf of Mexico. The Deepwater Horizon oil spill impacted a wide array of natural resources like coral, fish, wetlands, beaches, and birds, as well as economic and recreational resources in the Gulf. One way that EPA now contributes its unique scientific, policy, and legal expertise to restore the northern Gulf ecosystem is as a Trustee under the Oil Pollution Act’s Natural Resource Damage Assessment (NRDA) and restoration program. In the 10 years since the spill approximately 200 projects—valued at $1.4 billion—have been approved by the NRDA Trustees to restore injured natural resources.

Additionally, as Chair of the Gulf Coast Ecosystem Restoration Council (RESTORE Council), EPA, under the leadership of Administrator Andrew Wheeler and Associate Deputy Administrator Doug Benevento, works with its partners and the public to develop the best restoration plans and projects possible. For example, the RESTORE Council has approved State Expenditure Plans containing $475 million for projects. EPA has been able to provide expertise to Gulf restoration across many resource areas, including reducing excess nutrients and helping address marine litter. The RESTORE Council 10-year Commemorative Report tells the story of the people who have taken action to meet the restoration challenges and the remarkable achievements realized by their collaborative work.

“The important work of Gulf Coast recovery is a marathon, not a sprint. Certainly, while much positive ground has been covered, many miles remain,” said RESTORE Council Executive Director Ben Scaggs. “At this 10-year milestone, I’m encouraged by the collaboration being demonstrated among the Gulf State Governors and across the Federal Council members. Thanks to that attitude, we’re running this restoration race with a prevailing tailwind.”

Successfully addressing the many challenges facing the Gulf requires sustained efforts and unprecedented collaboration across all levels of government, the private sector, communities and organizations. EPA carries out its NRDA and RESTORE Council responsibilities in partnership with fellow federal and Gulf state trustees and council members to support the ongoing restoration of the Gulf.  Over the last 10 years, EPA and our federal and state co-Trustees and Council members have made significant progress restoring the Gulf of Mexico’s natural resources and building its economy affected by the spill and will work to sustain this progress into the next decade to benefit communities today and in the future.

HEALTH DEPARTMENT ANNOUNCES 61 NEW COVID-19 DEATHS, UPDATES STATEWIDE CASE COUNT

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The Indiana State Department of Health (ISDH) today announced that 431 additional Hoosiers have been diagnosed with COVID-19 through testing at ISDH, the Centers for Disease Control and Prevention (CDC) and private laboratories. That brings to 12,097 the total number of Indiana residents known to have the novel coronavirus following corrections to the previous day’s total.

 

The new cases and new tests reported today are lower than expected due to a technology issue and should not be interpreted as a decline in new infections. The additional positive cases not included in today’s report will be captured in the coming days and reflected appropriately.

 

A total of 630 Hoosiers have died to date. Deaths are reported based on when data are received by ISDH; the deaths reported today occurred between April 7 and April 20.

 

To date, 67,264 tests have been reported to ISDH, up from 64,649 on Monday.

 

Marion County had the most new cases, at 133. Other counties with more than 10 new cases were Allen (11), Cass (20), Elkhart (14), Grant (19), Hamilton (17), Hendricks (12), Johnson (24), Lake (49), St. Joseph (31) and Warrick (10). The Lake County totals include results from East Chicago and Gary, which have their own health departments.

 

The complete list of counties with cases is included in the ISDH COVID-19 dashboard at coronavirus.in.gov. Cases are listed by county of residence. Private lab reporting may be delayed and will be reflected in the map and count when results are received at ISDH. The dashboard will be updated at noon each day.

 

Gov. Holcomb to Provide Updates in the Fight Against COVID-19

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Gov. Eric J. Holcomb, the Indiana State Department of Health and other state leaders will host a virtual media briefing in the Governor’s Office to provide updates on COVID-19 and its impact on Indiana.

 

WHO:             Gov. Holcomb

Jeffersonville Mayor Mike Moore

Gary Mayor Jerome Prince

State Health Commissioner Kristina Box, M.D., FACOG

 

WHEN:           2:30 p.m. ET, Tuesday, April 21

 

Media RSVP

Please register HERE by 1 p.m. ET Tuesday, April 21. Late requests will not be accepted. One confirmation will be sent per media outlet. If you are confirmed to attend the event, you will receive additional logistics in a separate email.

 

Logistical questions can be directed to agray@gov.in.gov.

 

Media outlets that wish to broadcast the press conference live are encouraged to use the high quality livestream. The livestream is also available to the public. Direct Link: https://livestream.com/accounts/18256195/events/9054752/player?width=960&height=540&enableInfoAndActivity=true&defaultDrawer=feed&autoPlay=true&mute=false

 

 

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