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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 04 June 2020

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Oil could see single-digit prices

By Lachlan Maddock and Cameron Micallef · April 03 2020

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Invest

Oil could see single-digit prices

By Lachlan Maddock and Cameron Micallef
April 03 2020

Reading:

Oil could see single-digit prices

By Lachlan Maddock and Cameron Micallef · April 03 2020

Reading:

Following Russia and Saudi Arabia ramping up oil production as demand for oil falls, consumers could be the major winners as the price of petroleum drops to single digits, industry experts have suggested.

State Street Global Markets (SSGM) said it can’t rule out oil prices below US$10 a barrel as demand drops by more than 20 million barrels per day.

“As we look at pictures of empty streets in London, New York and other major cities around the world, it is clear 2020 is going to see far fewer miles driven,” said Ben Jones, multi-asset class strategist at SSGM.

“US gasoline consumption alone averages 9 million barrels per day throughout the year and would normally be expected to increase in the coming months as the US driving season (April-September) gets underway. However, the reverse trend is likely to be seen this year, as it is not just local travel restrictions that are hitting oil demand.”

Airlines are also grounding large sections of their fleets, and while planes are still transporting cargo, a “conservative estimate” of 50 per cent fewer flights would still see a reduction of 5 million fewer barrels of oil a day.

“Despite these statistics, major oil producers continue to pump more,” Mr Jones said.

“From 1 April, Saudi Aramco will open the taps and produce 12 million barrels of oil a day, up from an average of 10 million. From a budget perspective, Saudi Arabia will need oil prices of around $87 to breakeven, whereas Russia needs oil at just $42. There is no sign that Saudi Arabia and Russia will return to the negotiating table any time soon, so we expect little softening in either’s stance.”

US shale may be able to sell to the US Strategic Petroleum Reserve at relatively high prices, but with supply now exceeding demand by more than 20 million barrels a day, those stores could fill within three to four months.

“Storage is profitable at the moment, as the futures market has moved into “super contango”. However, oil has had its worst quarter ever in dollar terms, but single-digit oil is still a possibility,” Mr Jones said.