In early trading this morning, crude is recovering from the lowest levels it has seen in over a year. OPEC+ nations have given prices some support with renewed pressure for deeper cuts. According to Russia’s Energy Minister Novak, Russia is “studying OPEC+ recommendations”; Bloomberg also reported that Putin will meet Rosneft’s Sechin today and “may discuss OPEC+ cuts.” (Bloomberg)
President Trump has proposed selling 15 MMbbls of oil from the US emergency stockpile as part of his fiscal 2021 budget plan; the proposal, which requires approval from Congress, would use the proceeds of the sale to fund certain Energy Department activities, including the environmental remediation of an oil field in Elk Hills, California, that was once owned by the government. (Reuters)
Crude prices are up this morning. Crude is currently trading at $50.45, a gain of 88 cents.
Fuel prices are up. Diesel is trading at $1.6346, a gain of 2.2 cents. Gasoline is trading at $1.5308, a gain of 1.0 cents.