X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 1 hour Texas Supply Chain Massacre
  • 1 day Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 15 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 9 hours Speaker Pelosi, "Tear Down This Wall" . . around Capital Building
  • 2 days Retired RAF pilot wins legal challenge over a wind farm

Bullish Sentiment Fades From Oil Markets

Hurricane Barry shook things up a bit during this year’s slack season, shutting more than half of oil and gas output in the Gulf of Mexico (some 1.1mbpd on a daily basis). By Tuesday-Wednesday, however, most port infrastructure, all affected GoM refineries including Philips 66’s Belle Chasse Refinery, as well as lightering operations went back to business as usual. As hurricane fears subsided, rumors about a potential rapprochement between the US and Iran, set in motion by Iranian Foreign Minister Javad Zarif claiming to be ready to negotiate their defensive missile program, have pushed crude prices downward. With no other major factors to counteract bearish sentiments, the most recent oil rally seems to have fizzled out.

There is still room for minor rebounds, as the Wednesday morning trading session proved when crude prices partially retrieved the previous day’s losses on news that the US crude inventory drawdown was smaller than expected. But oil prices collapsed once again in the afternoon, with WTI and Brent falling to $57.16 and $64.13 respectively.

1. US Crude Exports to China Bounce Back

- The relative lull in the US-China trade war has allowed US crude exports to China to reach a 14-month high this month, but price developments indicate the buying interest will fade for August-September loaders.

- The root cause for this influx of US crudes into China is the arb opening in May-June 2019, the WTI-Brent spread…




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