Mid-Week Review – February 12, 2020

OPEC slashes oil demand outlook for 2020 as coronavirus outbreak stifles China OPEC downwardly revised its outlook for global oil demand growth to 0.99 million barrels per day (bpd) in 2020. That’s down by 0.23 million bpd from the previous month’s estimate. The amended forecast is likely to reinforce the case for OPEC and allied […]

Russia Considering OPEC+ Cuts

In early trading this morning, crude is recovering from the lowest levels it has seen in over a year.  OPEC+ nations have given prices some support with renewed pressure for deeper cuts.  According to Russia’s Energy Minister Novak, Russia is “studying OPEC+ recommendations”; Bloomberg also reported that Putin will meet Rosneft’s Sechin today and “may […]

Not Another Article About Viruses

We’ve spent the last few weeks talking about viruses and OPEC production cuts. There was a lot more drama this week, including troubles in OPEC Paradise, which you can read about in our Week in Review article below. But after so much talk on the topic, today’s main article will not be another article about […]

Week in Review – February 7, 2020

The crude market was up and down for the week but ended relatively unchanged.  The week started lower on the news from anonymous Chinese officials stating that oil demand was down 3 MMbpd.  However, news of possible treatments for the coronavirus helped to buoy crude markets to close the week at the same level where […]

Critical Breakthroughs in Coronavirus Treatment

Yesterday crude and products rallied sharply higher following reports of critical breakthroughs in developing treatments for the deadly coronavirus.  Reports indicate that a team at a Chinese university have found an effective drug to treat people with the coronavirus.  Wire services also reported that a team in the United Kingdom has developed an alternative vaccine, […]

U.S. biomass-based diesel tax credit renewed through 2022 in government spending bill

Source EIA The U.S. government spending bill signed into law in late December 2019 included several provisions related to federal energy programs. Among these provisions was the reinstatement of a $1.00 per gallon biodiesel mixture credit, commonly referred to as the biodiesel tax credit (BTC). The BTC applies to both biodiesel and renewable diesel (referred […]

Russian President and Saudi King to Continue Cooperation

Working to lift markets this morning is the talk of supply cuts coming from OPEC+.  Signs point to OPEC+ being willing to deepen cuts amidst the decreased demand caused by the coronavirus.  OPEC+ is gathering for an urgent assessment of how Asia’s coronavirus may hurt oil demand; technical experts from the OPEC+ coalition will meet […]

China Oil Demand Down 20%

Anonymous Chinese energy officials have hinted that Chinese oil demand is down by 3 million barrels per day currently – more than ten times original estimates from Goldman Sachs. If confirmed, this loss of 20% of China’s consumption would be the most severe global demand drop since the 2008-09 Great Recession, when oil prices fell […]

Market Condition Report - Disclaimer
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.

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