Mid-Week Review – September 16, 2020
Oil climbs with economic data warding off gloomy demand signals
Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in New York state expanded in September at the second-fastest pace since 2018. Click here to read more from Bloomberg.
Oil jumps as hurricane hits U.S. output while crude stocks decline
Oil prices rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed U.S. offshore oil and gas production and an industry report showed U.S. crude inventories decreased. Click here to read more from CNBC.
BP: oil demand growth is dead
In the report, BP looks at three scenarios for the future of oil demand: Business-as-usual, Rapid, and Net Zero. None of them envisage growth in oil demand over the long term. The most optimistic one—from the oil industry’s perspective—is the business-as-usual scenario, which sees demand recover from the pandemic’s effects but plateaus in the next few years before beginning to decline. Click here to read more from Oilprice.com.
Oil refiners shut plants as demand losses may never return
Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of the uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption. Click here to read more from Reuters.
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