"The balance between supply and demand continues to tighten, after rebalancing earlier than expected," Morgan Stanley analysts led by Martijn Rats said in a note on Monday. "From here, demand is set to improve as economies re-open." Gregory Shamus/Getty ImagesTo understand the near-term future of oil markets, it can be helpful to look to China, where the coronavirus hit first.
"Demand is unlikely to return fully to pre-COVID-19 levels until the end of 2021, in our view," Rats said. That tracks with the current price of US crude for delivery 12 months from now, which is selling for about $41 a barrel, per Morgan Stanley. That's why, in May, US and Canadian producers cut oil production by as much as 2.5 million barrels per day , Bank of America analysts said in a note published in late May. EOG Resources, for example, "plans to slowly begin reversing curtailments" next month, amounting to 125,000 bpd, while WPX energy has started bringing back 45,000 bpd, Morgan Stanley said.
Source: News Formal (newsformal.com)
diegocervantesb interesante no?
That was a Russian plot to help trump get enrichment, I believe... They manipulated the the markets. Trump had some shell company make the trades. Now look, oil prices are coming back up as if by magic.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside McDonald's response to George Floyd protests - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. No junk food. They save lives.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside clash between Minneapolis police and union: Arradondo and Kroll - Business Insider[THREAD] 👇 Chief Medaria Arradondo — Minneapolis' first black police chief — once sued the city and the department, alleging racial discrimination. He’s attempted to institute meaningful reform, but has been met with resistance from the police union. Criminal justice experts say police unions impede meaningful reform in city police departments by protecting aggressive cops. In addition to advocating for higher wages, unions sought to protect job security by limiting disciplinary transparency. Here you go...here’s a really good way to reform police departments...target the unions...they’ve been hindering reform for years and protect bad cops when they shouldn’t be protected DemocRAT run Minneapolis right ? ...
Source: BusinessInsider - 🏆 729. / 51 Read more »
Stock picks to buy, 5 cash-rich companies for cheap: David Trainer - Business Insider'The real opportunity is in individual stocks': A Wall Street research chief shares 5 picks that are poised to thrive in a 'world after COVID' — including a retailer that could double from today's levels
Source: BusinessInsider - 🏆 729. / 51 Read more »
Saudi Arabia's Q1 oil-export revenue drops $11 billion as prices tank - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Always be thankful for the bad things in life. They open your eyes to see the good things you weren't paying attention to before. They’re not happy with China now This is the lowest, Saudi must find none oil income sources
Source: BusinessInsider - 🏆 729. / 51 Read more »
The Saudi-Russia oil price war was a 'very big mistake,' Qatar energy minister saysThe call to open the taps on oil production pulled the floor from under the market as Saudi Arabia slashed its selling prices and increased production after Russia refused to join its plan to further cut output and boost prices in early March. But it a great warning to oil rich African countries that is highly over dependent on rents from daily export of oil. Saudi amd Russia fighting an oil price war, and U.S. oil companies falls. China is printing $22 billion counterfeit US dollars and putting into global market...
Source: CNBC - 🏆 12. / 72 Read more »
Column: Hedge fund buying dries up after oil prices doubleHedge funds have started to temper their bullishness towards oil after crude futures prices have doubled since late April.
Source: Reuters - 🏆 2. / 97 Read more »