Author: David Cohen

Oil prices fell today as Gulf production is brought back on line, Norway ended its oil strike, and Libya ends its force majeure on its Sharara oil field.

Prices were little changed for the day but were set for large weekly gains as Hurricane Delta makes landfall on the Gulf, the second major storm in just a few weeks. Delta has shut 92% of US Gulf production, the most since Katrina, at 1.67MM/bpd.

Oil prices rose slightly today with Brent breaking back over the $43/bbl mark on the backdrop of supply reductions in Norway and the Gulf from Hurricane Delta.

Oil prices fell today as hopes for further stimulus are diminishing and oil stocks rose more than expected. White House Chief of Staff Mark Meadows said he was not optimistic that a comprehensive deal could be reached on further COVID-19 financial aid and that the Trump administration backed a more piecemeal approach.

There will be no commentary today

Oil prices surged today reversing some losses after a few negative sessions as President Trump announced he would be leaving the hospital today. While the Presidents condition remains unclear

“This report is massively concerning. We are not where we need to be, nor are we moving fast enough in the right direction as we head into fall.”

Prices reversed yesterday’s gains, spiraling lower on a soft demand
outlook and rising virus cases.

Oil prices had a strong day on optimistic inventory data, specifically with a 2nd consecutive drawdown in distillate stocks