We find that China’s record haul of crude growth is poised to cease as independent refineries have nearly fully utilized their state-issued import quotas and companies struggle with extremely high crude inventories. Therefore, despite the initial enthusiasm, we find that the uptick in oil prices today is unjustified.
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.
Oil prices declined on Friday of last week, posting their 3rd negative week in four weeks as worries are mounting on rising COVID cases.
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.
“Keep your face always toward the sunshine – and shadows will fall behind you.” – Walt Whitman Railcars in Storage Decreased As of October 1st, the total number of cars in storage continued the downtrend to 451,781 cars, representing a month-over-month decline of 24,791 cars or -5.2%. The number of cars in storage remains 88,141 […]
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
An estimated 650,120 people also filed new claims under the Pandemic Unemployment Assistance Act