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Shale Boom Fears Add to Meltdown for Oil's Worst Week Since 2016 [Bloomberg Business News]

CME GROUP (CME)  More Company Research Source: Bloomberg Business News
Last cme group earnings: 4/26 07:00 am Check Earnings Report
US:NASDAQ Investor Relations: investor.cmegroup.com
PDF The last time oil had such a bad week two years ago, the commodity was trading near a $26 bottom. On Friday alone futures in New York lost almost $2, settling below $60 a barrel for the first time this year as the unraveling of global equity markets added to concerns that a new shale boom is in the making. American crude output is soaring so fast that the U.S. is on the verge of elbowing Saudi Arabia and Russia aside as the top supplier, gushing more than 10 million barrels a day. Drillers this week added the most oil rigs since January 2017. “The supply backlash that we have been expecting in the U.S. because of higher prices became very real in the market psyche,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London, said by telephone. Crude had been on a steady rally since June as the Organization of Petroleum Exporting Countries and Russia curtailed output to prop up prices, while American stockpiles shrank. But with so [Read more]

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