Yahoo Finance LONDON – Global physical crude oil markets are weakening because of soft refinery demand and ample supply, traders and analysts told Reuters, in a move that could spell further weakness for benchmark crude futures. The weakness indicates high interest rates and inflation are depressing consumer and industrial demand, especially in Europe, at a time when supply is rising
World Oil (Bloomberg) – Global oil markets are on track for a sharp supply deficit of more than 2 MMbpd this quarter as Saudi Arabia slashes production, OPEC data indicate. Output from the Organization of Petroleum Exporting Countries tumbled last month as the kingdom implemented a unilateral cutback to shore up markets, according to a report from the group on Thursday.
World Oil (Bloomberg) –The U.S. government projected that the global oil market will become oversupplied and prices will fall by early next year, cooling expectations that the White House may tap the nation’s emergency reserves. Supply increases next year from OPEC nations as well as U.S. drillers will ultimately pressure prices lower. The U.S. benchmark crude will fall below $80
Reuters LONDON – Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict. “Bullish sentiment continues to gather momentum as we move closer to June, when … the global crude balance is set to reach net short territory, to the tune of a
