Oil prices plunge, Canadian energy stocks take beating as global banking fears spread

“We're down US$12 in two and a half days, which is obviously a very, very, very large move in crude oil,” said Rory Johnston, a Toronto-based energy analyst and founder of the Commodity Context newsletter.

On Wednesday, as shares in Zurich-based Credit Suisse tanked after the bank reported it had identified “material weaknesses” in the firm's internal controls on financial reporting, concerns about a potential global economic slowdown hit crude oil particularly hard. Johnston said for much of this year, the global oil price benchmark Brent crude had been trading in the US$78-88 range. With the reopening of the Chinese economy in the wake of COVID-19 restrictions signalling a potential uptick in demand, market sentiment on future oil demand had been generally bullish with spec positioning in crude oil contracts rising steadily over the last two months.

“Credit Suisse is a bank that matters and contagion risks won't be easing anytime soon, the U.S. consumer is weakening, and China's outlook is not looking so robust after unemployment rose and on worries over the real estate market,” Moya wrote in a research note.

Diesel went up 20 cents since March break started, so yeah………..FO with anything taking a plunge

So we save money on feeding our cars, but still struggle to feed ourselves

But everything's fine

That should help with inflation

Wait till rises to 200 $ a barrel this is the beginning first a drop then a rise Biden and the warmongers

But carbon taxes are going up .. I trust Justin the clown to take care of the budget !! Lmao

Wow, now gas prices will come down...

Lol, they'll be backup in a week

Meanwhile, in Canada, taxes are jncreasing April 1st

Oil prices plunge but yes we’re still paying a stupid amount at the pumps. BS taxes from our buddy Trudeau.

Shits plunging yet we’re still paying out the ass

Man, it would suck to see Big Oil lose a lot of money… Oh, wait…

Is SVB the first domino to fall? Hello 2008.

Good

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