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Why The Iran Conflict Won’t Move Oil Prices

More Market Movers

- In addition to the Wednesday boost from a Phase 1 US-China trade deal that would ostensibly see China import tons of US LNG and coal, oil prices got a boost Thursday from the Senate’s approval of the US-Mexico-Canada trade agreement, with Mexico and Canada being the top two targets for US petroleum exports. However, by Friday morning, oil was removing those gains in part on sluggish Chinese economic growth and data showing Chinese economic growth near a 30-year low.

- Austerity is coming: The EIA is predicting a 50%+ deceleration of US oil output growth in 2021 due to an uptick in capital discipline for shale producers. For 2020, output growth is set to be just over 1 million barrels per day. For 2021, output growth is expected to be 400,000 bpd.

- BlackRock says it will be refocusing on companies that adequately address climate change, which the media is taking to mean a divestment in fossil fuels and thermal coal. BlackRock has major holdings in oil producers, including BP, Shell and ExxonMobil. Specifically, the fund said it would be focusing on sustainability as well as launching new investment products that screen fossil fuels.

Discovery & Development

- Israel has officially started exporting natural gas to Egypt under a $15-billion/15-year deal in what is largely considered a landmark deal between the two. The gas from Israel’s Leviathan and Tamar offshore gas fields will flow to Egypt, where it will…





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