Oil fell over 2 percent on Friday, extending the week’s loss to the largest in eight months, pressured by swelling storage of crude on both land and sea.
U.S. crude traded slightly above $40 a barrel while benchmark Brent was less than $2 from setting new 6½-year lows. The slump widened to oil products with U.S. gasoline tumbling to 10-month lows.
Oil prices have fallen in seven of the last eight sessions, with losses accelerating after U.S. government data on Thursday affirmed a seventh weekly rise in U.S. crude inventories that took stockpiles near April’s record highs.
The International Energy Agency (IEA) added to the bearish sentiment on Friday, saying there was a record 3 billion barrels of crude and oil products in tanks worldwide.
Options trading has spiked with a soaring number of options taken to sell crude if prices fall to $40 or even $25.
An estimated crude oversupply of between 0.7 million and 2.5 million barrels per day has resulted in prices dropping almost two thirds since June 2014.
The IEA said a mild 2016 winter could cause the overhang to rise in coming months.
Tens of millions of barrels are sitting on tankers at sea, looking for buyers and threatening logistical paralysis.
— CNBC’s Tom DiChristopher contributed to this report.
FULL ARTICLE Published 13 November 2015
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
