Mid-Week Review – June 10, 2020

Oil near $38 on signs U.S. crude stockpiles expanded

Oil retreated to near $38 a barrel after a U.S. industry report signaled a surprise jump in crude inventories, underscoring the market’s patchy road to rebalancing. Click here to read more from Yahoo Finance.

Libya’s National Oil Corporation declares force majeure on its largest oil field after shutdown by militia

Libya’s National Oil Corporation has declared force majeure on exports from its largest oil field Tuesday, after a militia group shut it down just days after it resumed production following a six-month blockade. Click here to read more from CNBC.

Oil tankers turn away from Venezuela as more sanctions loom

Oil tankers that were sailing toward Venezuela have turned around and others have left the country’s waters as the United States considers blacklisting dozens of ships for transporting Venezuelan oil, according to shipping data and industry sources. Click here to read more from Reuters.

The real reason China is importing so much oil

China smashed its crude oil imports record in May as manufacturing activity picked up and lockdowns eased. Amid recovering demand for gasoline and diesel, China’s total demand is nearly back up to pre-coronavirus levels, which prompted refineries to ramp up crude processing rates.  Click here to read more from Oilprice.com.

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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