Domestic News

Baytex Announces Revised 2020 Capital Program

Baytex Energy Corp. ("Baytex") announces a 50% reduction to its 2020 capital budget to $260 to $290 million, from the original $500 to $575 million announced on December 4, 2019.

Oil Collapses by Another 24% to $20. It Hasn't Been This Low Since 2002

The nightmare in the oil industry keeps getting worse. It's now facing the weakest oil price since the first term of President George W. Bush. Intensifying recession fears drove US oil prices down a staggering 24% Wednesday to $20.37 a barrel. That's the lowest level since February 2002.

Key Strategic Issues Impacting the Global Ethylene Markets

Historically, global demand for ethylene has grown at a multiple of world GDP growth. However, the relationship between ethylene demand growth and economic growth is becoming less straightforward. The ethylene demand to GDP elasticity is being diluted by the increasing influence of the technology and services sector on GDP growth and the correspondingly lower impact of manufacturing. Also, there has been a strong push toward sustainability and recycling, so some ethylene demand has been replaced by recycled or natural materials (paper, glass, etc.).

The City of Portland is Preparing a Shelter-In-Place Order

The city of Portland is considering a shelter-in-place policy, similar to the policy that counties in northern California imposed on 7 million people in the Bay Area on March 16.

International News

Borders Close in Europe Halting International Train Services

Germany's decision to close its border with Austria, Switzerland, France and Denmark due to the coronavirus pandemic means that international passenger services to most of these countries have been cancelled.

There Aren’t Enough Containers to Keep World Trade Flowing

A shipping container shortage that’s left everything from Thai curry to Canadian peas idling in ports may be about to get a whole lot worse as China steps up its coronavirus precautions on incoming vessels.

Upcoming Industry Events with GBX Attendance
NEARS Spring Meeting	NARS Annual Meeting	Downstream 2020
Newport, RI April 22-24th	Kansas City, MO May 12-14th	Houston, TX June 10-11th