Mid-Week Review – May 13, 2020

Oil inventories soar yet again despite demand rebound

The American Petroleum Institute (API) estimated on Tuesday another sizeable crude oil inventory build, of 7.58 million barrels for the week ending May 8, even as several U.S. states begin the slow process of reopening specific segments of their battered economies.  Click here to read more from Oilprice.com.

Crude oil futures dip amid uncertain demand recovery

Crude oil futures traded lower during mid-morning trade in Asia Wednesday as uncertainty around the extent of oil demand recovery lingers, even as more countries attempt to ease COVID-19 lockdowns. Click here to read more from S&P Global Platts.

Oil holds near $30, caught between demand loss and supply cuts

Oil prices edged higher on Wednesday, reversing earlier losses, and Brent held near $30 a barrel as potential OPEC+ plans to deepen supply cuts were tempered by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns. Click here to read more from Reuters.

America’s oil and gas jobs could soon come roaring back

In America’s oil and gas heartland in Texas and neighboring states, economists who study the sector say that the pain won’t last as long as in previous industry downturns. They argue that the dozens of small companies fueling America’s fracking boom, toughened by a credit crunch last year, are ready to pivot back into high gear as soon as demand recovers. Click here to read more from Forbes.

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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