• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 53 mins China wields coronavirus to nationalize American-owned carmaker
  • 52 mins Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 6 hours Open letter from Politico about US-russian relations
  • 1 day US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
  • 3 days Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 3 days China's impending economic meltdown
  • 6 hours Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 16 hours Trump is turning USA into a 3rd world dictatorship
  • 2 days Liquid Air Battery
  • 2 days What the heroin industry can teach us about solar power (BBC)
  • 3 days The Truth about Chinese and Indian Engineering
  • 3 days Why Oil could hit $100
  • 3 days Brent above $45. Holding breath for $50??

Bearish Sentiment Returns To Oil Markets

Crude prices dropped by the largest amount since July this week, decreasing by an average of 4-5% week-on-week despite a moderate rebound on Friday as the IEA alleviated concerns that the market will not be able to compensate for disappearing Iranian volumes. WTI traded around 72 per barrel on Friday, whilst Brent looked set to end the week at around 81 per barrel.

(Click to enlarge)

Both OPEC and the IEA have reported that the oil market is well supplied, with the latter even lowering its global oil demand growth estimate for 2018 and 2019 by about 110 000 bpd to 1.3 mbpd and 1.4 mbpd respectively. This, combined with a massive US stock sell-off and growing concerns that trade disputes will adversely impact oil have weighed on oil prices this week.

1. US Crude Stocks Keep on Rolling

(Click to enlarge)

- US commercial crude stocks increased 6 million barrels w-o-w amid a palpable decline in refinery throughputs, bringing total inventories to 410 million barrels.
- Refinery runs fell 352 kbpd last week to 16.2 Mbpd, with the aggregate throughput decline reaching 1.6 Mbpd over the past four weeks.
- Attesting to the highly volatile export volumes, reflecting the uneven loading schedules, exports jumped by 850 kbpd w-o-w to 2.6 mbpd, with net imports falling below 5 Mbpd for the first time since 2000.
- The impact of Tropical Storm Michael will significantly alter next week’s EIA weekly status.
- As Tropical Strom…




Oilprice - The No. 1 Source for Oil & Energy News