After extending historic 9.7 MMbpd cuts through July, OPEC+ is now slowly unwinding its production cuts, moving to 7.7 MMbpd. That level will hold through December, downshifting again in January to 5.8 MMbpd. With global oil demand still well below normal levels and coronavirus cases rising around the world, many see the increase as a […]
Oil prices slid by $1.35 yesterday (-3.3%) after the US Commerce Department reported the largest single-quarter GDP drop in history: -32.9% on an annualized basis. The news was not a surprise (CNBC reports that markets were expecting a 34.7%) drop, but it still cast shadows over traders by highlighting just how dismal the economy has […]
WTI Crude finished the week lower as the coronavirus pandemic continues to weigh on the economy. A recent surge in cases across the country caused a rollback of reopening plans and rekindled fears of demand concerns in the crude market. In inventory news, a large surprise draw of 10.6 MMbbls reported by the EIA barely […]
Natural Gas News – July 30, 2020 U.S. LNG exports to Europe increase amid declining demand and spot LNG prices in Asia U.S. exports of liquefied natural gas (LNG) have been growing steadily and reached a new peak of 4.7 billion cubic feet per day (Bcf/d) in May 2019, according to the latest data published […]
On Wednesday, WTI Crude closed slightly higher. Crude stocks had a large surprise draw of 10.6 MMbbls, which helped to lift markets. Also lifting markets yesterday was news from the Fed. Crude is down in early trading this morning as demand worries once again overshadow positive news. As expected on Wednesday, the Federal Reserve held […]
After moderate losses during yesterday’s trading session, oil prices are recovering slightly, supported by surprising oil inventory data from the API. While economic stimulus remains the critical story of the day, markets are also eyeing geopolitical unrest in some areas of the world. In the Middle East, Iran appears to have built a replica aircraft […]
End Game for Oil Somare speculating that oil demand may never recover to pre-COVID levels. If that’s the case, a lot of OPEC nations, reliant on exports to fill government coffers, may be in trouble. Click here to read from Reuters how the group is coping with declining oil demand. Infrastructure: The Next Big […]
Yesterday, WTI crude closed up slightly on hopes of a new round of stimulus measures being discussed in the US. A monetary injection into the economy in the form of another stimulus package would give a jolt to the wavering economy as it oscillates between gains and losses due to coronavirus fears. In the crude […]
Oil markets are seeing light activity this morning following Friday’s news of the first weekly increase in US oil rig counts since March. The US economy is in focus for oil markets today, as two major releases are expected this week. First, Senate Republicans today will unveil their latest economic stimulus package, which most expect […]
Oil prices are trading sideways this morning to close out a relatively uneventful week, at least from a pricing standpoint. Thursday saw prices turn lower across financial markets amid continued coronavirus fears. In geopolitical news, China has forced the closure of a US consulate in Chengdu, after America demanded the country close its Houston consulate. […]
