StockBeat: Oil & Gas Stocks Take Another Dive After IEA Report [Yahoo! Finance News]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Yahoo! Finance News
Oil and gas stocks tumbled in Europe again on Wednesday after the International Energy Agency warned that the recent global deal to cut supply won’t be enough to rebalance the market any time soon.By 5:25 AM ET 0925 GMT), the Euro Stoxx Oil&Gas index was down 4.6%, after the IEA warned that there soon won’t be anywhere to store the world’s surplus oil, something that will force producers to stop producing. The Stoxx 600 was down only 1.7%, while the FTSE 100 was down 2.2% and the CAC 40 down 1.9%.“The implied stock build-up of 12 mb/d in the first half of the year still threatens to overwhelm the logistics of the oil industry – ships, pipelines and storage tanks – in the coming weeks,” the IEA said.Forced shut-ins can be particularly serious for oil companies because they can damage oil reservoirs, permanently reducing the amount of oil recoverable. The IEA expects non-OPEC+ supply mainly the U.S. and Canada) to fall by some 3.5 million barrels a day in the coming months, something th
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