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Posts Tagged ‘OPEC’

Saturday Night Quarterback #1 (on a Sunday) says, For the week ahead expect…

... OPEC's Monday meeting to roil oil markets. Even if the meeting doesn't make any decision on supply. (Likely at the cartel's December 1 meeting of oil ministers. Tomorrow's meeting is of the Joint Ministerial Monitoring Committee, chaired by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak.) Here's the challenge: Oil is […]

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Oil inventories prove stubbornly high

Inventories of gasoline and distillates fell last week, as they should even in a coronavirus-impacted summer driving season, the U.S. Energy Information Administration reported today. But crude inventories remained stubbornly high, an indication that the rise in demand for end products resulted in a drawn down of crude. And without a drop in crude inventories […]

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Oil keeps on rallying–and takes market with it

Remember how back on April 20 West Texas Intermediate traded at a negative $40.32 a barrel on the futures market? Then the fears were that anyone who owned a forward future and who was forced to accept delivery of that oil would not be able to find a place to store it. Today the U.S. […]

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Two negative views of the oil market–and one’s from OPEC

It will take more than a year, and perhaps several years, for oil demand to recover to what it was before the coronavirus pandemic, said Fatih Birol, executive director of the International Energy Agency ahead of Thursday's update on energy markets. Crude demand of about 100 million barrels a day prior to the pandemic plunged […]

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Trick or Trend: Is Sunday’s oil deal enough? Probably not

Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Sunday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. Do this simple math. In normal times world oil demand is around 100 million barrels […]

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Watch out for a wild Thursday (and maybe even Wednesday)

The U.S. stock markets are closed on Friday, April 10, for Good Friday. That sets up a short week and a long weekend--which would be likely to produce higher than normal volume and volatility on Thursday anyway as traders and investors bought and sold to position themselves for the uncertainty of three days without being […]

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Trick or trend: Not so fast on an end to the Saudi-Russian oil price war

Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Saturday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. A meeting of OPEC+, that is of OPEC and some major non-OPEC oil producers, scheduled […]

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OPEC production curbs collapse in Russia-Saudi fight

It's over. The three-year marriage of convenience between Saudi Arabia and Russia is done. The Saudi's argued that Russia and OPEC producers must cut production further in response to falling demand for oil in the face of the coronavirus outbreak. Russia refused to support deeper cuts to production in order to stabilize prices. OPEC responded […]

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OPEC does nothing and markets seem to be ok with that

OPEC reached an agreement today to cut an additional 500,000 barrels a day from production. In reality that action is close to "no action" since OPEC has been informally making those supply reductions for most of the year thanks to voluntary cuts by Saudi Arabia that have offset over-production by some OPEC and OPEC+ countries. […]

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Oil climbs ahead of December 5 OPEC meeting

Call it very, very cautious optimism. Maybe. Oil prices climbed ahead of the December 5 meeting of OPEC in Vienna. The oil market got a boost from a report today, December 4, from the U.S. Energy Information Administration that showed U.S. crude inventories fell by 4.9 million barrels last week. Absent other news on most […]

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