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The oil market is in better shape than even a couple of weeks ago. Futures prices are heading for a fourth weekly gain with supply and demand starting to rebalance, and physical barrels have rallied. American drillers are in the process of curtailing 1.75 million barrels a day of production by early June. WTI Crude is $31.94; Brent is $34.35.  Source: Bloomberg.com - By Ann Koh and Alex Longley - Image: File Photo
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The number of U.S. oil rigs is falling at an unprecedented pace, but that doesn’t mean production will fall at the same rate. Producers halt less efficient wells first, pushing up productivity — a process known in the industry as “high grading." WTI Crude is $34.13; Brent is $36.56.  Source: MarketWatch.com - By: William Watts - Image: AFP/Getty Images There was no repeat of April’s price plunge below zero when the West Texas Intermediate contract rolled over, with the June futures trading at a premium to July before they expired, suggesting concerns the U.S. would run out of storage have eased. WTI Crude is $32.67; Brent is $35.50.  Source: Bloomberg.com - By: Olivia Raimonde - Image: Bing Guan Tuesday marks the expiry of the June West Texas Intermediate futures contract. Prices plunged at the end of the May contract’s trading period, and oil has since staged a stellar recovery as producers embarked on deeper-than-expected output cuts. WTI Crude is $32.39; Brent is $34.91.  Source: Bloomberg.com - By: Olivia Raimonde - Image: Chris Ratcliffe Producers are significantly throttling back output and, with demand increasing, the market is on a slow path toward recovery, say analysts. WTI Crude is $32.01; Brent is $34.39  Source: Bloomberg.com - By: Olivia Raimonde & Alex Longley - Image: File Photo |
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Redhawk Investment Group, LLC offers direct and alternative oil and gas investment opportunities that enable investors to participate in the potential cash flow and the unique tax benefits associated with oil and gas investments. There are significant risks associated with investing in oil and gas offerings. The information contained in this website is for informational purposes only and is not a solicitation to buy or sell any securities. Information on this site is not intended to be used as investment or tax advice. Consult your investment advisor or tax advisor concerning the current tax laws and effects on your personal tax situation.
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