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Tom Kool

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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(Click to enlarge)

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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…





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