Bay Area
Oil Contracts Collapse Putting Pressure On Stocks

The price of West Texas Intermediate (WTI) crude oil product hit a historic level on Monday as it posted its worse loss on record. According to MarketWatch, “the May contracts made history by settling in negative territory for the first time ever.”
The platform was so broken that sellers were paying buyers to take the contracts off of their hands. So, Monday, April 20, 2020, will go down in history as the day that the price of oil broke down.
The futures industry is a very risky but popular business. The fact that its movements can impact the direction of the stock market, makes it a key indicator of economic activity at home and abroad. In a recent report, Pvmreports.com suggested that the activity in the oil futures proved that the market was broken.
I read in an essay where it said, “Even though perceptions and expectations are powerful ingredients in the formation of oil prices, (Monday’s) price crash must have taken place in some kind of parallel universe.”
For those who are not familiar with how oil futures work, “The Motley Fool,” an on-line stock advisory group, defines the product as, “contracts in which buyers and sellers of oil coordinate and agree to deliver specific amounts of physical crude oil on a given date in the future. “
The benchmark futures contract for crude oil in the U.S. involves West Texas Intermediate, which produces a particular grade of oil that has fairly low density and sulfur content that makes it relatively easy to refine. It has historically traded on the New York Mercantile Exchange, and therefore many traders refer to the contracts as NYMEX WTI crude oil futures.
Trading is also common globally for what are called Brent crude oil futures, which involve a different grade of oil found in the North Sea off the European continent.
While some speculate that Russia and Saudi Arabia conspired to artificially bring down oil prices in order to disrupt the U.S. stronghold on oil exports, it is clear that the pandemic has had an effect: When people stay home, oil use simply goes down.
So, for Wall Street traders, “Bizarro World” was in full effect on Monday. Even if that date isn’t marked in the future as a day of financial infamy, it will certainly be the topic of discussion in a lot of business schools.
One of my colleagues, Harbo Jensen, who is an MIT graduate and retired oil company executive, described the event in simple terms to help lay-people like myself understand what happened.
“You are now seeing the financial paper traders struggling to get out of contract under which they would need to take actual delivery of oil in May at Cushing, Okla.,” Jensen said.
“Clearly, these guys want to find a buyer for their paper contract because they really don’t want that real ‘wet’ barrel of oil….these paper barrel traders would not know what to do with a barrel of real oil if they had to pick it up, so they’re willing to pay someone, say $15-$20 to take it off their hands. Hence, the negative price.
“If there is anyone who thinks that this pandemic in which we live is not real, they should just look at the standstill that we are seeing in the oil markets. It seems surreal that global economies have been shut down by this virus, and if you do not believe it, let’s see how low the price reveals itself at the pump. We may be able to keep our tanks full, but we will be all dressed up with nowhere to go.”
Bay Area
Chevron Richmond Installs Baker Hughes Flare.IQ, Real-time Flare Monitoring, Control and Reduction System
While the sight of flaring can cause concern in the community, flares are essential safety systems that burn pollutants to prevent them from being released directly into the atmosphere. They activate during startup and shut-down of facility units or during upsets or equipment malfunctions. The typical flare stack is about 200 feet high so that vapors are well above street levels.

The Richmond Standard
Chevron Richmond recently installed flare.IQ, a real-time, automated system that will improve the facility’s flaring performance.
The technology, developed by Panametrics, a Baker Hughes business, uses sensors to monitor, reduce and control flaring in real time. It collects and assesses data on refinery processes, such as temperature, pressure, gas flow and gas composition, and adjusts accordingly to ensure flares burn more efficiently and cleanly, leading to fewer emissions.
“The cleaner the flare, the brighter the flame can look,” said Duy Nguyen, a Chevron Richmond flaring specialist. “If you see a brighter flame than usual on a flare, that actually means flare.IQ is operating as intended.”
While the sight of flaring can cause concern in the community, flares are essential safety systems that burn pollutants to prevent them from being released directly into the atmosphere. They activate during startup and shut-down of facility units or during upsets or equipment malfunctions. The typical flare stack is about 200 feet high so that vapors are well above street levels.
“A key element in Baker Hughes’ emissions abatement portfolio, flare.IQ has a proven track record in optimizing flare operations and significantly reducing emissions,” said Colin Hehir, vice president of Panametrics, a Baker Hughes business. “By partnering with Chevron Richmond, one of the first operators in North America to adopt flare.IQ, we are looking forward to enhancing the plant’s flaring operations.”
The installation of flare.IQ is part of a broader and ongoing effort by Chevron Richmond to improve flare performance, particularly in response to increased events after the new, more efficient hydrogen plant was brought online in 2019.
Since then, the company has invested $25 million — and counting — into flare minimization. As part of the effort, a multidisciplinary refinery team was formed to find and implement ways to improve operational reliability and ultimately reduce flaring. Operators and other employees involved in management of flares and flare gas recovery systems undergo new training.
“It is important to me that the community knows we are working hard to lower emissions and improve our flaring performance,” Nguyen said.
Also evolving is the process by which community members are notified of flaring incidents. The Community Warning System (CWS), operated by Contra Costa County is an “all-hazard” public warning system.
Residents can opt-in to receive alerts via text, e-mail and landline. The CWS was recently expanded to enable residents to receive notifications for “Level 1” incidents, which are considered informational as they do not require any community action.
For more information related to these topics, check out the resources included on the Chevron Richmond, CAER and Contra Costa Health websites. Residents are also encouraged to follow @chevronrichmond and @RFDCAOnline on Facebook and X (formerly Twitter), where additional information may be posted during an incident.
Activism
Oakland Hosts Town Hall Addressing Lead Hazards in City Housing
According to the city, there are 22,000 households in need of services for lead issues, most in predominantly low-income or Black and Latino neighborhoods, but only 550 to 600 homes are addressed every year. The city is hoping to use part of the multimillion-dollar settlement to increase the number of households served each year.

By Magaly Muñoz
The City of Oakland’s Housing and Community Development Department hosted a town hall in the Fruitvale to discuss the efforts being undertaken to remove lead primarily found in housing in East and West Oakland.
In 2021, the city was awarded $14 million out of a $24 million legal settlement from a lawsuit against paint distributors for selling lead-based paint that has affected hundreds of families in Oakland and Alameda County. The funding is intended to be used for lead poisoning reduction and prevention services in paint only, not water or other sources as has been found recently in schools across the city.
The settlement can be used for developing or enhancing programs that abate lead-based paint, providing services to individuals, particularly exposed children, educating the public about hazards caused by lead paint, and covering attorney’s fees incurred in pursuing litigation.
According to the city, there are 22,000 households in need of services for lead issues, most in predominantly low-income or Black and Latino neighborhoods, but only 550 to 600 homes are addressed every year. The city is hoping to use part of the multimillion-dollar settlement to increase the number of households served each year.
Most of the homes affected were built prior to 1978, and 12,000 of these homes are considered to be at high risk for lead poisoning.
City councilmember Noel Gallo, who represents a few of the lead-affected Census tracts, said the majority of the poisoned kids and families are coming directly from neighborhoods like the Fruitvale.
“When you look at the [kids being admitted] at the children’s hospital, they’re coming from this community,” Gallo said at the town hall.
In order to eventually rid the highest impacted homes of lead poisoning, the city intends to create programs and activities such as lead-based paint inspections and assessments, full abatement designed to permanently eliminate lead-based paint, or partial abatement for repairs, painting, and specialized cleaning meant for temporary reduction of hazards.
In feedback for what the city could implement in their programming, residents in attendance of the event said they want more accessibility to resources, like blood testing, and information from officials about lead poisoning symptoms, hotlines for assistance, and updates on the reduction of lead in their communities.
Attendees also asked how they’d know where they are on the prioritization list and what would be done to address lead in the water found at several school sites in Oakland last year.
City staff said there will be a follow-up event to gather more community input for programming in August, with finalizations happening in the fall and a pilot launch in early 2026.
Alameda County
Oakland Begins Month-Long Closure on Largest Homeless Encampment
At 8 a.m. sharp, city workers began piling up trash and dismantling makeshift homes along the nearly five-block encampment. City crews blocked off streets from 14th Ave to 17th Ave, between E. 12th and International Blvd, due to the Safe Work Zone Ordinance that was passed by the city council in 2022 to protect workers from harassment during cleanings, according to a city spokesperson.

By Magaly Muñoz
The City of Oakland began a three-week-long breakdown of the largest homeless encampment in the city on E. 12th Street on Monday morning. Residents and advocates said they are devastated about the displacement of dozens of people.
At 8 a.m. sharp, city workers began piling up trash and dismantling makeshift homes along the nearly five-block encampment. City crews blocked off streets from 14th Ave to 17th Ave, between E. 12th and International Blvd, due to the Safe Work Zone Ordinance that was passed by the city council in 2022 to protect workers from harassment during cleanings, according to a city spokesperson.
Jaz Colibri, one of the many advocates at the closure, said the encampment sweeps were “intense and terrifying” to witness. They claimed that several residents, many of them non-English speakers, had not been aware that the sweep was happening that day because of a lack of proper communication and outreach from Oakland.
Colibri added that the city had done a Census “many months ago” and “had not bothered to count people since then”, meaning dozens of individuals have missed out on housing and resources in the last few weeks because the city doesn’t offer outreach in multiple languages.
“Basically, [Oakland] dropped the ball on actually getting to know everybody who lives here and then creating a housing solution that meets everyone’s needs,” Colibri said.
City spokesperson Jean Walsh told the Post that notices of the closure operation were posted in Spanish and Chinese prior to Monday, but did not clarify if outreach was done in those languages as well.
Nearly a dozen Oakland police vehicles, California Highway Patrol officers, and Oakland Public Works staff were gathered along E 12th waiting for residents to pack up their belongings and move away from the area.
Advocates said residents “felt unsafe” due to the hefty law enforcement presence.
One city worker, who was picking up debris near 16th Ave, said, “They’ve known we were coming for a long time now” in reference to resident confusion about the sweeping.
The state doubled down on its requirement to get cities and counties to deal with their homelessness crisis at a press conference Monday afternoon. Gov. Gavin Newsom’s office released a “model ordinance” that is intended to provide a starting point that local municipalities can use to build from and adjust in creating their own policies on encampments, if they haven’t done so yet.
Newsom said “No more excuses, time to deliver” after the state has poured hundreds of millions of dollars into solving the issue.
Oakland was awarded a $7.2 million grant from the state in 2024 to close long-standing encampments in the city, including camps at Martin Luther King, Jr. and 23rd Street, and Mosswood Park.
Residents at these encampments were offered wraparound supportive services, temporary shelter, and eventually will be transitioned to permanent supportive housing, according to a city statement from last year.
Residents who accepted housing at these three encampments were moved into newly acquired property, formerly the Extended Stay America Hotel in West Oakland, which will first serve as interim housing for up to 150 individuals and couples in 105 units, and in the coming year, will be converted into 125 units of permanent housing.
Walsh said as of May 2, “32 residents of the recently closed Mosswood Park encampment moved into the Mandela House program” and as of May 12, “41 residents of the East 12th Street encampment have already accepted offers to move to the Mandela House.” The city will provide final numbers of how many accepted and moved into housing after the closure operation is over.
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