Mid-Week Review – August 19, 2020
Oil price fundamental daily forecast – API gasoline build offsets crude oil draw
The range is tight and volume is well below average with investors keeping one eye on the key OPEC+ ministerial meeting later in the day, and the other eye on a US government weekly inventories report, due to be released at 14:30 GMT. Click here to read more from FXEmpire.
Major forecasters agree: No oil demand recovery until at least 2022
Global oil demand won’t return to 2019 levels until at least 2022 and the gap may be getting wider than it seemed a month ago. All three of the world’s main oil forecasting agencies — the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries — published new quarterly forecasts this week and none project oil demand back at 2019 levels by the end of next year. Click here to read more from World Oil.
Mauritius copes with split Japanese ship that spilled oil
Work began Monday to remove the two pieces of a grounded Japanese ship that leaked tons of oil into the protected coast of the Indian Ocean island nation of Mauritius and broke apart. Tug boats will pull the bow — the smaller part of the shipwrecked MV Wakashio — out to sea and allow it to sink, according to environmental experts on the island. The larger part of the ship will be dragged off the coral reef where it ran aground and towed away, possibly to India for salvage. Click here to read more from AP News.
How would a 2nd lockdown affect oil prices?
Wood Mackenzie’s (WoodMac) Brent oil price forecast would be significantly affected in a second lockdown wave scenario, an opinion piece posted on the company’s website by WoodMac’s director of Americas gas and LNG research, Dulles Wang, has revealed. Click here to read more from Rigzone.
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