• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 6 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 2 hours Trump eyes massive expulsion of suspected Chinese spies
  • 1 hour >>The falling of the Persian Gulf oil empires is near <<
  • 3 mins KSA taking Missiles from ?
  • 1 hour A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 3 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 8 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 12 hours Where's the storage?
  • 53 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 12 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 14 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 19 mins There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 12 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump

OPEC+ Gives Oil Bulls Hope

Refinery

 The uncertainty surrounding OPEC/OPEC+ negotiations in Vienna strengthened the overwhelmingly bearish sentiment in oil markets this week, but a larger than expected cut has sent oil prices soaring. The failure to reach an agreement on Thursday had buttressed fears of oversupply in 2019, but Friday’s agreement seems to have calmed markets somewhat.

OPEC+ managed to iron out a 1-1.2mbpd production cut deal, moving WTI towards 54 USD per barrel and Brent up to 63 USD per barrel.

1. US Crude Exports Break 70-Year Trend

(Click to enlarge)

- After a spectacular 10-week streak, US commercial crude inventories finally decreased, much to the joy of everyone, by 7.3 MMbbl week-on-week to a total of 443.2 MMBbl.
- Crude exports have established an all-time weekly high of 3.2mbpd, climbing up some 0.6-0.7mbpd from the past weeks.
- On the back of a dramatic drop in crude imports to 1.7mbpd, the United States has become a net exporter of crude for the first time since 1949.
- Saudi Arabia and Iraq witnessed the largest drops in exports to US, falling w-o-w by almost 600kbpd.
- Even though the US is expected to rebound back into net importer status next week, this marks the beginning of a new trend as American producers are edging closer to 12mbpd output.
- Gasoline stocks have risen for the first time in the past three weeks, by a 1.7 MMBbl to 226.3 MMbbl amid stagnant refinery runs and relatively weak gasoline demand.

2.…




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