Apr 2, 2020 - Energy & Environment

Trump's hopes and plans for the oil market

Ben Geman, author of Generate

Photo: Win McNamee/Getty Images

Oil prices climbed Thursday morning as traders are responding to President Trump's comments yesterday evening that Russia and Saudi Arabia could soon mend fences on oil supply policy, per the Financial Times.

Driving the news: Trump told reporters that he believes, based on his recent calls with Russian President Vladimir Putin and the Saudi crown prince, that "they will work it out over the next few days."

  • Bloomberg also notes that the market is responding to China's plans to start buying oil for its strategic reserves.

Reality check: A note yesterday from Rapidan Energy Group says, "At present we do not expect Riyadh to change course."

  • Their "base case" sees deeper and sustained crude price drops as coronavirus' effects continue hitting demand.
  • They see prices under $20-per-barrel and the "bleak" economic outlook leading to OPEC+ resuming negotiations by early summer, leading to a deal that revives previous quotas and imposes some additional cuts.

What's next: Trump is slated to meet Friday with top executives of large oil companies to discuss potential ways to help the sector that's facing strong economic headwinds as prices and demand have collapsed.

  • The meeting is slated to include CEOs of ExxonMobil and Chevron, as well as big independent producers Occidental and Devon Energy, among others.
  • The prospect of efforts to help the sector is also putting some upward pressure on prices, per multiple reports.

But, but, but: The Wall Street Journal, which first reported the meeting, points out...

"[T]he options are limited for Washington to help beleaguered U.S. oil-and- gas producers, and there are strong differences between major oil companies and some independent shale drillers about whether aggressive government actions are even necessary, making the prospect of any agreement challenging."

Go deeper: Trump's big chill on offshore drilling

Go deeper

Increased armed presence planned for D.C. tonight

Demonstrators stand around a fire during a protest near the White House in response to the killing of George Floyd. Photo: Alex Wong/Getty Images

Government officials say plans are in place for a significantly heavier armed presence on the streets of Washington, D.C. tonight in response to the increasingly violent protests linked to the death of George Floyd.

What we're hearing: "Tonight you will see increased presence, both police...other agencies, and National Guard presence," a source familiar with the government's plans said.

Updated 31 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 6,226,408 — Total deaths: 373,973 — Total recoveries — 2,672,161Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 1,799,747 — Total deaths: 104,702 — Total recoveries: 444,758 — Total tested: 16,936,891Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.

New York City to impose curfew amid ongoing protests

Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

New York City will be placed under curfew on Monday from 11pm until 5am Tuesday morning following days of protests over the death of George Floyd, Gov. Andrew Cuomo and Mayor Bill de Blasio announced Monday.

The big picture: Demonstrations in New York, like in cities across the country, turned violent over the weekend as protesters clashed with police late into the night. The number of police officers on the streets of New York will double from 4,000 to 8,000.