Europe’s largest oil company is bracing for permanent change in customer behavior, signaling demand may not fully recover once the coronavirus pandemic is over.

The global spread of the virus has roiled oil markets, dragging down profits at some of the biggest producers and promising worse to come next quarter. But the long-term impact on the way consumers work and travel could be even more devastating for the industry.

“There will be changes, and therefore we have to be ready for that,” Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden said in a Bloomberg Television interview. “That means that we probably have to re-establish what is going to be our strategy.” CLICK for complete article

Global oil storage space is running low, production is not falling quickly enough, and yet last week hedge funds bought a record amount of WTI contracts, Reuters’ John Kemp said Monday. At the equivalent of 122 million barrels, the amount of crude futures purchased last week was the highest since at least last December. According to Kemp, the reason for the increased buying is an expectation of an oil price rebound. The buyers must expect this rebound to take place …Click for full article.