Mid-Week Review – September 30, 2020

Oil Loses Ground Amid Worries About The Pace Of Oil Demand Recovery

Oil moved below the $40 level as concerns about the future pace of oil demand recovery weighed on prices.  In addition, traders were a bit nervous ahead of the first U.S. presidential debate between Donald Trump and Joe Biden. Click here to read more from FX Empire.

Another Oil Major Sees Peak Oil Demand On The Horizon

French energy giant Total SE (formerly Total S.A.) spread more doom and gloom into the oil markets today, foretelling of the oil industry’s ultimate horror—peak oil demand. Click here to read more from Oilprice.com.

Devon Energy Absorbs WPX In Oil Industry ‘Merger Of Equals’

In what’s being billed as a merger of equals, Devon Energy will acquire WPX Energy in an all-stock deal that gives WPX shareholders five out of 12 board seats and .5165 Devon shares for each of theirs, amounting to 43% of “New Devon.” Click here to read more from Forbes.

Oil Drops as Demand Recovery Concerns Rise

Oil extended its decline below $40 a barrel and is set for the first monthly loss since April with the world’s biggest traders signaling a meaningful recovery in demand is some time off.  Click here to read more from Rigzone.

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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