Venezuela, Trump and oil market
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Oil climbs
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A corner of the US crude market closely watched by physical traders is signaling oversupply in the latest indication that a global glut has reached domestic shores.
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Venezuela’s Falling Crude Supply Won’t Budge Global Oil Market
Escalating tensions may constrain near-term supply, but a post-Maduro scenario with lifted sanctions could allow Venezuela to rebound toward 2 million bpd within 1–2 years, according to Wood Mackenzie.
The oil market is under pressure as OPEC+ members have rapidly ramped up production and the U.S. pushes Ukraine to accept a peace agreement with Russia.
The Middle Eastern oil market has weakened in recent weeks on concern that regional supplies will outstrip demand, adding to signs of a softening global picture that’s weighed on benchmark crude futures.
OilPrice.com on MSN
Is Oil About to Snap Higher? The Market May Be Too Bearish
Lower prices risk slowing U.S. shale and non-OPEC+ output, setting up the possibility that today’s glut becomes tomorrow’s crunch
West African crude oil sellers are struggling to find buyers for up to 26 December- and January-loading cargoes due to stiff competition from plentiful and cheaper alternative supplies, traders and analysts told Reuters.
The weekly Department of Energy/Energy Information Administration average weekly retail diesel price slid 5.8 cents/gallon to $3.607/gallon. It’s the fourth week in a row the price has fallen, a period during which it has declined 26.1 cts/g.
Crude oil prices fell for a second straight week as rising inventories and mounting oversupply expectations outweighed geopolitical supply risks and reinforced bearish long-term demand forecasts.
Let’s be honest: The oil market has always been wrong about long-term prices. Unsurprisingly, it’s currently wrong in anticipating that a barrel of crude will cost around $60 by 2030, close to current levels. Barring an economic cataclysm, oil will be ...
Supply keeps climbing, led by record U.S. output and rising OPEC+ production. ・Demand remains soft, especially in China, while geopolitical risk premiums fade. ・Lower oil is easing inflation, pushing U.
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