Weekend Summary
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Mansfield Acquires Hi-Grade, Inc. Oil and Lubricants Business Assets
Mansfield Energy Corp, announced on Friday the acquisition of Ohio-based Hi-Grade, Inc.’s oil and lubricants business assets. In addition to the residential and commercial fuel and lubricants, Mansfield acquired Hi-Grade’s Pac Pride card lock facility. Campbell continues, “This expands our card lock offering in the local area to five locations as well as increases access to the Pac Pride network nationwide. We are excited to welcome the Hi-Grade fuel and lubricants team to our family.” Click Here to read more from Mansfield Energy.
Tillerson Threatens to Impose Venezuela Oil Sanctions
Secretary of State Rex Tillerson has mentioned the possibility of imposing new oil sanctions on Venezuela, a part of a broader focus from the Trump administration of cracking down on political and drug-related problems in South America. Tillerson is currently making a tour of South American countries to clarify the U.S.’s policy towards those countries. Click Here to read more from Bloomberg.
Hedge Funds Pause Oil Buying
Last week was a bit of a lull in the overall upward market trend, and market sentiment matched price action. For the first time in six weeks, hedge funds reduced their weekly net long position across several key futures and options contracts. Markets are unclear whether the rally should continue, or if we’ve reached the top. Click Here to read more from Reuters.
Goldman Sachs boosts Crude Forecast to $80
Goldman Sachs increased its Brent crude oil forecast to $80 for 2018, with Q2 and Q3 trading at even higher prices. Goldman considers markets to be already balanced, so continued production cuts from OPEC will result in a net shortage of supply. Other banks have also increased their forecasts for the year, expecting prices to continue rising. Click Here to read more from Financial Tribune.
America Becoming Global Energy Powerhouse
The United States’ transformation from an imports-dependent energy consumer to an oil and gas powerhouse in around half a decade is nothing short of breathtaking. The implications of this transformation go far beyond global oil markets and are reshaping the global economic order. And it’s just getting started. Click Here to read more from the Financial Post.
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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
