Mid-Week Review – September 16, 2020

Oil climbs with economic data warding off gloomy demand signals

Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in New York state expanded in September at the second-fastest pace since 2018. Click here to read more from Bloomberg.

Oil jumps as hurricane hits U.S. output while crude stocks decline

Oil prices rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed U.S. offshore oil and gas production and an industry report showed U.S. crude inventories decreased. Click here to read more from CNBC.

BP: oil demand growth is dead

In the report, BP looks at three scenarios for the future of oil demand: Business-as-usual, Rapid, and Net Zero. None of them envisage growth in oil demand over the long term. The most optimistic one—from the oil industry’s perspective—is the business-as-usual scenario, which sees demand recover from the pandemic’s effects but plateaus in the next few years before beginning to decline. Click here to read more from Oilprice.com.

Oil refiners shut plants as demand losses may never return

Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of the uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption. Click here to read more from Reuters.

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.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote