
Petroleum Daily Report 4-13-2020
Despite cuts amounting to roughly 10% of global supply, in the short term it may have already been priced in.
Timely petroleum, renewable fuels, railcar, and storage intelligence from the PFL team.

Despite cuts amounting to roughly 10% of global supply, in the short term it may have already been priced in.

BREAKING: OPEC+ agrees to historic 10MM/bpd production cut. What does this mean for crude?

Oil prices traded up for the day, whipsawing up near the end of the session on hopes of a
production cut tomorrow.


Peter Cecchini of Cantor Fitzgerald said this today on CNBC “I’m really, frankly, not all that convinced that this is an all-out fist-fight between Saudi Arabia and Russia.

We lost a whopping 6 million jobs last week. Expect closer to 9 million job losses this week.

Storage continues to be very active as demand destruction from COVID-19 reaps havoc in the world and particularly in the U.S.

Oil prices posted their best week in history on the hope that a production cut deal will soon be reached. OPEC and its allies announced they will hold a virtual meeting on Monday

Whiting Petroleum officially became the first high profile shale bankruptcy of the cycle, but there are likely more to come.

The Kremlin announced yesterday the President Trump and Putin agreed during a phone call to have their top energy officials discuss stabilizing oil markets. Although the futures market is seeing a recovery