Oil selling below $10/bbl at key American hubs
Oil is selling for less than $10 across key North American hubs as the global demand shock from coronavirus leaves crude with nowhere to go.The coronavirus pandemic has hit demand so hard that as benchmark futures plunge to lowest in 18 years, oil is backing up throughout the distribution system, raising the prospect that producers will need to shut in wells. Some of the hardest-hit areas have been those thousands of miles from export terminals, which would provide the possibility of escape, either to foreign markets or onto tankers as floating storage.Refiners across the U.S., including PBF Energy Inc., Valero Energy Corp. and Phillips 66, are slowing fuel production as restrictions on travel and work has reduced gasoline and jet fuel dema.....