* In A World with Too Much Oil, OPEC+ Sweats Its Next Move* OPEC+ is considering its next move after implementing a 3-phase plan of output cuts over the course of 2020 and into early 2021. Demand recovery is slower than expected and prices are lower than many had hoped for which has meant that …
Tag archives: S380
Oil Through the Looking Glass 01.10.2020
India’s Gasoline Sales Jump to Pre-Covid Levels in September, Diesel Improves Indian refiners reported sales have risen to pre-pandemic levels in September for gasoline but there has been a reported drop off in diesel sales as loosening restrictions sparked energy consumption and economic activity. Indian state refiners sold 2.2 million tonnes of gasoline, up 1.85% …
Oil Through the Looking Glass 29.09.2020
Tankers carrying Iranian fuel begin entering Venezuelan waters The first group of three tankers have entered south American waters carrying 270,000 barrels of gasoline for a starved Venezuela, which arrived in their waters at 8.05 EDT. The vessel arrived after crossing the Atlantic Ocean and Caribbean Sea without any disturbances, with 2 more vessel due …
Oil Through the Looking Glass 28/9/2020
Gulf Nations Are Desperate for Higher Oil Prices Nations in the Gulf, including the Saudi oil powerhouse have said that they are able to withstand any shock in oil prices, but many have forecast that this is simply not the case. Although Saudi has some of the lowest production costs in the world, the current …
Oil Through the Looking Glass 5/8/20
Heavy Crude to Lose Ground The announcement that OPEC is relaxing its production cuts could signal the end of the bull run on heavier crude and products. The OPEC cut has seen heavier crude in significant demand, this is especially true of residual products like high sulphur fuel oil which have seen increased demand from …
FIS Fuel Oil Morning Report 21/07/2020
At 2:27 am GMT, Brent futures were up 7 cents/b, or 0.16%, at $43.35/b, while WTI was up by 6 cents/b, or 0.15%, at $40.87/b, and it has continued to rise into the European trading hours. Prices were offered support by positive news on the development of vaccines as pharmaceuticals and medical institutions are …
Crude nervy on virus threat to US gasoline demand
Lingering concerns over rising Coronavirus infections worldwide and its impact on demand continued to weigh on crude market sentiment and limit any upside. More than 14.5 million people have been infected by the novel Coronavirus globally and more than 604,000 have died of COVID-19, the disease caused by the pathogen, according to a Reuters …
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OPEC+ to ease cuts on improving market confidence
According to data released yesterday by the EIA, US crude inventories fell 7.5 million barrels to 531.7 million barrels for the week ended July 10, outpacing the 2.1 million-barrel drop expected by analysts and narrowing the surplus to the five-year average to 16.6%. Furthermore, gasoline stocks fell 3.1 million barrels over the same period to …
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Crude stocks down, demand up, prices holding, buyers opportunistic
According to Tuesday’s API report, US crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels. Official data from the Energy Information Administration are due later on today. Furthermore, an OPEC report published on July 14 raised its forecast for 2020 oil …
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After flaming June, dry July for oil market?
Rising COVID-19 cases globally reached 13 million infections and half million deaths, remaining a key drag on market sentiments. With California, the Philippines, Hong Kong and Australia tightening restrictions again as daily infections spike, July could be an even more challenging month for oil than expected. Moreover, the market will be monitoring closely the …
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