Mid-Week Review – January 29, 2020

Saudi Arabia, UAE Caution Oil Market Against Gloom Over China Virus

Saudi Energy Minister Prince Abdulaziz bin Salman said the impact being seen on oil and other markets was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.  “Such extreme pessimism occurred back in 2003 during the SARS outbreak, though it did not cause a significant reduction in oil demand,” the minister said in a statement.  Click here to read more from Reuters.

Oil Rebounds from Coronavirus-related Sell-off, Snaps 5-day Losing Streak

Oil futures edged up on Tuesday after falling for five days, gaining support from a rebound in Wall Street stocks and talk that OPEC and its allies might tighten the market amid fears the coronavirus could weigh on oil demand.  Click here to read more from CNBC.

Guyana to Become a Major Oil Producer

A flurry of deep-water discoveries in the Atlantic off Guyana’s coast has changed the future for the small South American nation, which has yet to produce a barrel of oil. Since the Liza-1 discovery in May 2015, ExxonMobil and its partners have identified reservoirs containing at least 5.5 Bboe of recoverable reserves.  Click here to read more from World Oil.

Is Renewable Diesel Still a ‘Miracle Fuel’?

Compared to petroleum diesel, renewable diesel is a fairly new fuel: It’s really only been marketed for truck fleets, construction, marine, rail, and other industry segments since about 2015. At the same time, it’s been around long enough that early adopters know the value it delivers. So how’s it going? Fleets and producers provide the latest updates on performance, pricing, and availability.  Click here to read more from Government Fleet.

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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