Are there any oil stocks worth buying?

Loading player...
Gugu Mfuphi Talks to NJ Ayuk is Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group, and the author of several books about the oil and gas industry in Africa, including Billions at Play: The Future of African Energy and Doing Deals about On Monday, US oil to be delivered in May settled at -$37.60 per barrel, the first negative close in history. That means producers, which are running out of storage space as demand for energy collapses, are willing to pay buyers to take crude off their hands. That's never happened before for West Texas Intermediate futures, the US benchmark.
The latest: The price of a barrel of WTI crude to be delivered in May is still below zero. The contract closes on Tuesday, which means trading is light and most investors are looking ahead to June. But the price of a barrel of WTI crude to be delivered that month is also plunging. It's down 18% on Tuesday and is now trading below $17 per barrel. Brent crude futures, the global benchmark, dived below $20 per barrel to their lowest level since 2002.
22 Apr 2020 12PM English South Africa Business News · Investing

Other recent episodes

Why your CV isn’t landing interviews and how to fix it

On today’s Career Feature, we’re getting back to basics. We’re looking at how job seekers can make sure their CVs are actually working for them, how to avoid common mistakes that could be costing them opportunities, and what it really takes to stand out in an increasingly competitive job market…
26 Jan 2PM 21 min

South Africa’s sugar industry faces import pressures

SA Canegrowers will participate constructively in the newly gazetted International Trade Administration Commission of South Africa (ITAC) sugar tariff review process, with the expectation that full and proper regard is given to the risk facing rural jobs and livelihoods. Were there to be a collapse in domestic sugar production as…
26 Jan 2PM 14 min

Blockchain meets wealth creation with South Africa’s new stablecoin

Super Money SA (Pty) Ltd recently announced the launch of ZAR Supercoin, a new stablecoin purpose-built for South Africa and the wider African market. ZAR Supercoin combines the speed and accessibility of blockchain technology with the trust and oversight of regulated finance. Warren Ross, Managing Director of Super Money SA…
26 Jan 2PM 15 min

Gold climbed to a fresh all-time high, crossing $5,100

Gold climbed to a fresh all-time high, crossing $5,100 an ounce on Monday and extending its record-breaking run as investors seek the safety of the yellow metal amid rising geopolitical tensions and global fiscal risks. Andre Cilliers, Currency Strategist at Treasuryone helps listeners understand the impact of this on businesses,…
26 Jan 2PM 15 min

MISA welcomes Chery investment in Nissan’s historic Rosslyn plant

The Motor Industry Staff Association (MISA) has welcomed Chery’s acquisition of Nissan’s historic Rosslyn plant in Pretoria, calling it a positive step for job retention and the broader automotive sector. The union emphasised that local manufacturing and assembly of Chinese vehicles are vital for sustaining employment, supporting supplier networks, and…
26 Jan 2PM 22 min