Weekend Summary

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Gas Shortage Shifts from Texas to Florida

“We were long-hauling from Florida to Houston last week, and now we’re talking about going from Houston to Florida,” said Andy Milton, senior vice president of supply for Mansfield Oil in Gainesville, Georgia. Click Here to read more from Bloomberg.

 

Oil Is Unlikely to Return to $80

Oil prices are affected by so many different factors that supply/demand is hardly enough to explain prices. While oversupply and low demand certainly do play a large role in influencing prices, other factors such as monetary policy, fuel storage capacity, and financial markets. Click Here to read more from Oilprice.com on factors that influence oil prices and will prevent prices from rising too fast, too quickly.

 

Plastics Will Prop Up Oil Markets

While the normal outlet for crude oil is thought to be transportation, some are looking to other uses as a key driver of crude demand. The petrochemical industry, which turns oil into things like plastics, is expected to be a key driver of demand over the next twenty years. Despite the growth, some countries are trying to ban, or significantly reduce, plastic waste and promote recycling, which could impact crude producers. Click Here to read more from Bloomberg.

Saudi, UAE Agree Extension of Oil Cuts May Be Considered

Saudis and the United Arab Emirates have both indicated they would be in favor of extending the OPEC/Non-OPEC production cuts beyond March 2018. The UAE has already said they would be cutting customer allocations by 10% in September and October. Click Here to read more from the New York Times.

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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