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Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

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OPEC+ Fails To Reassure The Oil Market

Oil tumbled by over 4 percent on Tuesday morning, as the OPEC deal failed to excite investors. 

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- At the start of 2019, the U.S. had 18.8 million barrels per day of oil refining capacity a record high.

- Refining processing has climbed steadily over the years, adding nearly 3.7 mb/d of capacity over the past decade.

- Between 2009 and 2018, U.S. oil imports fell by 1.3 mb/d, exports increased by 2 mb/d, leading to a decrease in net imports by about 3 mb/d.

Market Movers

• ExxonMobil (NYSE: XOM) warned that weaker chemical margins will slash second quarter profits by $100 million to $300 million, quarter-on-quarter. But better refining margins would have a positive impact by $300 to $400 million.

• Callon Petroleum (NYSE: CPE) briefly saw its shares jump by 3 percent after Barclays upgraded the stock from equal weight to overweight. Barclays downgraded SM Energy (NYSE: SM) to underweight from equal weight, on concerns that small- to mid-cap E&P companies continue to underperform.

• Weatherford International (NYSE: WFT) officially filed for Chapter 11 bankruptcy protection on Monday.

Tuesday July 2, 2019

Oil prices surged over the weekend on news that the U.S. and China would restart trade negotiations, suspending an escalation in tariffs, at least for now. OPEC+ also agreed…



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