What Negative Oil Price Will Mean For UK Industry

@peter_IFAMAG reads Twitter so you don’t have to.

Crude Oil Price turned negative for the first time in history whilst the UK economy is struggling.

@Dan_Coatsworth reveals turmoil inside Temple Bar Investment Trust.

Missed this news last night – Temple Bar Investment Trust has served notice on Ninety One (the asset manager). Fund manager Alastair Mundy last week given extended leave of absence for health reasons. Last month the board and AM decided to sell loads of stuff after market drop

— Dan Coatsworth (@Dan_Coatsworth) April 21, 2020

@faisalislam outlined some ramifications of the oil price drop last night. Check out the string for interesting comments.

The Crude oil price (West Texas Intermediate)…

Has turned NEGATIVE….

MINUS $10 for a barrel of WTI oil… as they can’t find places to store it…

via @Refinitiv pic.twitter.com/LxH0AOg8gk

— Faisal Islam (@faisalislam) April 20, 2020

The situation is developing. @lisaabramowicz1 highlighted that the more-traded oil contracts in London have plunged.

Many dismissed yesterday's negative oil prices on the May WTI contract as an aberration, forced selling on an expiring derivative, a U.S. problem as storage capacity fills up in that nation. Yet today the more-traded oil contracts in both NY & London are plunging. pic.twitter.com/sbnIq6JcRs

— Lisa Abramowicz (@lisaabramowicz1) April 21, 2020

@ZelfHussain shares insights into how the oil industry will face the new reality of Covid-19.

How can oil and gas companies adapt to a new reality? @PwC_UK’s latest report details how the industry is responding to the challenges of #COVID19 and what lessons can be taken forward: https://t.co/750G96QpTK pic.twitter.com/m31ppTEuLt

— Zelf Hussain (@ZelfHussain) April 21, 2020

In postive news @Tabby_Kinder reveals sixth largest UK accounting firm decided not to make use of the government furlough scheme.

Grant Thornton has cut the pay of 300 employees as it predicts a 20% downturn in profits due to coronavirus – but it has declined to use the government furlough scheme as it decided it was “not appropriate”
https://t.co/7yfoKy4blC

— Tabby Kinder (@Tabby_Kinder) April 20, 2020

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