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Oil Ticks Lower on EIA Inventory Report

Oil Ticks Lower on EIA Inventory Report

Crude oil prices moved lower…

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Editorial Dept

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Who Controls The New Taliban Government?

Taliban

Geopolitics

Afghanistan’s new Taliban cabinet will see its Interior Ministry led by Sirajuddin Haqqani, an individual who was linked to al-Qaeda and responsible for carrying out numerous terrorist attacks. Further, the new interim cabinet will include a number of Haqqani family members. These cabinet members were likely influenced by the Pakistani intelligence services. Pakistan favors a Taliban government in Afghanistan.

A dispute over the border in the Essequibo Region is still ongoing, despite a ruling by the International Court of Justice that settled things (on paper). Guyana and Venezuela both claim the territory as their own. In Venezuela, both the Maduro regime and the opposition have rejected the court ruling in a rare show of unity. Exxon’s operating interests in Guyana lie outside the disputed area.

Some media reports have suggested that Gazprom’s Nord Stream 2 will go online on October 2nd; however, it appears that it will first require German regulatory approval, a process that could take four months.

Markets

Oil production has fallen in the U.S. this week by 500,000 bpd. U.S. crude inventories continue to fall and are now 6% below the five-year average at 423.9 million barrels. While oil production and oil inventories fall, consumption is on the rise, with the latest EIA data showing that U.S. oil demand hit a record high last week, even as jet fuel demand remains sluggish. While demand concerns abound, we think…





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EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
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