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By year-end, however, it is the United States that is the biggest contributor to global supply reductions compared with a year ago. 6 Domestic crude oil production includes lease condensate and is estimated using a combination of short-term forecasts for the lower 48 states and the latest available production estimates from Alaska. Now, the OPEC+ agreement has come into effect. Crude oil prices fell further today after the Energy Information Administration reported a crude oil inventory build of 4.9 million barrels for the week to July 17.. The EIA estimated U.S. crude oil inventories had shed 7.5 million barrels in the week to July 10, ... Analysts had expected the EIA to report a crude oil inventory draw of 2.275 million barrels. Also, it was unclear when and by how much production would fall in other countries. The S&P Global Platts survey had shown expectations for a supply decline of 2 million barrels for gasoline and for inventories of distillates to stand unchanged for the week.

Taking into account these developments as well as new mobility data from advanced economies that was stronger than in our previous forecast, we have raised our 2Q20 demand estimate. We are seeing massive cuts in output from countries outside the OPEC+ agreement and faster than expected.
The UAE and Kuwait have followed suit with extra cuts of their own. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. For 2020 as a whole, last month’s forecast of a decline of 9.3 mb/d is improved to -8.6 mb/d.It is on the supply side where market forces have demonstrated their power and shown that the pain of lower prices affects all producers. For June, Saudi Arabia on Monday announced that it will reinforce the agreement by voluntarily cutting production by 1 mb/d more than required.

Mobility still remains limited for many citizens, but businesses are starting to reopen gradually and people are returning to work, which will provide a boost to oil demand, albeit a modest one at first. Now, the OPEC+ agreement has come into effect. U.S. Energy Information Administration, 1000 Independence Ave., SW, Washington, DC 20585Daily Trans-Atlantic Spot Product Price Differentials: New York Harbor less Rotterdam (ARA) For Saudi Arabia, the fall will be 0.9 mb/d assuming 100% compliance with the OPEC+ deal and that the extra voluntary cut applies only to June. Based in New York, Watts writes about stocks, bonds, currencies and commodities, including oil. “Fears around another round of lockdowns are likely to cap oil prices in the near term.”Looking at the technical picture, Lukman said WTI crude remains in a $2 range with support at $40 and resistance at $42, and a move back below $40 potentially triggering a decline towards $36.The EIA on Thursday is expected to report a weekly climb of 23 billion cubic feet in natural-gas supplies, according to a survey of analysts conducted by S&P Global Platts.Sure, the S&P 500 has rallied from the March lows. In June, that drop could reach 4 mb/d, with perhaps more to come. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.3 million barrels for the week, but total oil production was unchanged at … Even with “all the bullish headlines out there with a large crude oil draw” and U.S. dollar weakness, “we feel it is quite telling” that crude oil can’t move much higher, he said. However, major uncertainties remain. An unexpected weekly rise in gasoline supplies, however, tempered the rise for oil as worries about slow demand growth prevailed.The Energy Information Administration reported Wednesday that The latest fall compared with an average forecast by analysts polled by S&P Global Platts for a decline of 1.2 million barrels. Over the past four weeks, motor gasoline product supplied, a proxy for demand, averaged 8.7 million barrels a day, down by 9% from the same period last year, the EIA said.Oil and petroleum products showed little, if any, reaction to theThe oil market “remains concerned with demand-side dynamics,” said Lukman Otunuga, senior research analyst at FXTM. Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. The UAE and Kuwait have followed suit with extra cuts of their own. The ICE U.S. Dollar Index In last month’s Report, the focus was on demand destruction on a historic scale, with little immediate relief expected from the supply side as the OPEC+ agreement was not due to come into effect until 1 May. By using this site you agree to the The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries.