Mid-Week Review – June 17, 2020

Oil markets have finally found stability

As America reopens, it seems oil prices have finally found some stability despite growing fears of a looming second coronavirus wave. Click here to read more from Yahoo Finance.

IEA expects oil demand to take 2+ years to recover

Global oil demand will rebound next year as the world emerges from the coronavirus pandemic. Still, recovering to pre-crisis levels may take a couple of years, the International Energy Agency said. Click here to read more from World Oil.

Venezuela’s oil exports plummet as shipping contracts get suspended

Venezuela’s oil exports have fallen nearly 28% in the first half of June, on course for the lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude oil, according to documents and data on Tuesday. Shipping firms are avoiding Venezuela after the United States earlier this month blacklisted four vessels and their owners for transporting the country’s crude. Click here to read more from Reuters.

The “Second Wave” of COVID-19 could crush oil markets

Across the U.S., infections are rising in many states, even as Americans display weariness and reluctance to continue with mask-wearing and social distancing guidelines. However, unlike in March and April, where the epicenter of the pandemic was New York, the new explosions of cases are more concentrated in the South. 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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