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Oil Markets Dominated By Bearish Sentiment

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- China’s oil imports from the United States may fall sharply over the next few weeks as the trade war between the two continues to escalate. While US to China oil flows had increased in May through July, the trend is expected to now reverse, just like it did in the beginning of the trade war when US crude flows to China took a downward turn. There just aren’t that many more products for China to target in retaliation of the latest round of tariffs that the US announced.

- Guyana is quickly looking like it will be the next oil up-and-comer, opening up a new market for oil tankers. By 2020, it is expected that oil production may reach 120,000 bpd, up from virtually nothing before the latest interest from foreign oil and gas companies. While the market looks attractive, its position next to Venezuela casts some doubt on the country’s chances of success as Venezuela has attempted to claim some of the same fields Guyana claims. The political environment, too, may give some foreign oil companies pause after a vote of no confidence vote triggered a new round of elections expected to take place yet in 2019.

- Global oil and gas contracts reached $42 billion in Q2, a 79% increase over Q1. The number of contracts may have fallen in Q2, but the value was significantly higher. Factoring into those contracts are Bechtel’s $9.57 billion deal with NextDecade for the Rio Grande LNG project in Texas, and Anadarko’s $8 billion deal with McDermott International and…





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