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
  • 4 hours U.S. Presidential Elections Status - Electoral Votes
  • 5 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 10 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days Retired RAF pilot wins legal challenge over a wind farm
  • 3 days Interest article about windmills and waterwheels in Europe
Exxon Shocks As Oil Reserves Drop By A Third

Exxon Shocks As Oil Reserves Drop By A Third

Exxon slashed its oil reserves…

Can President Biden Avoid A Critical Metals Crisis?

Can President Biden Avoid A Critical Metals Crisis?

U.S. President Joe Biden’s latest…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Markets On Edge As ‘’Second Wave’’ Looms

  • Oil traders are giving OPEC+ the benefit of the doubt this week as prices soar to 3-month highs 
  • The second wave of COVID-19 in both Beijing and the U.S. is threatening to slow down economic recovery
  • In the most bearish scenario, we could see WTI falling back to $28

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Friday and in a position to close higher for the week after OPEC producers and allies promised to meet supply cuts and signs of demand, hit the coronavirus crisis, recovering.

OPEC+ Laggards Pledge Better Compliance

Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts, sources said. This means curbs by the Organization of Petroleum Exporting Countries and allies, known as OPEC+, could deepen in July.

The strong comeback in the crude oil market after weakness earlier in the week indicates that investors believe that OPEC+ remains in control of the oil supply. This is helping to reduce the fear of another major oversupply situation that drove prices sharply lower from March to May. Furthermore, bullish investors are also increasing bets that OPEC+ compliance will improve in the coming months.

Brent Moves into Backwardation

In another bullish development, Brent crude oil on Thursday moved into backwardation, where oil for immediate delivery costs more than supply later, for the first time since March 1.

A premium for oil for immediate delivery usually indicates tightening supply and encourages storage to be drawn out.

US Refiners Aim to Lock in Crude Volumes after Getting Burned by Shut-ins: Reuters’ Sources

U.S. refiners and other buyers of crude oil are reworking some…





Leave a comment

Leave a comment




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