There’s volatility in the market with the escalating conflict between the U.S. and China, and also questions about whether OPEC+ producers will continue to slash their output in coming months with prices rising and demand coming back. WTI Crude is $32.73; Brent is $34.47
Oil’s rally started to falter Wednesday as Russia indicated it wants to stick with OPEC+ plans to ease output cuts from July. OPEC+ nations have shown high compliance with the current deal, investors are weighing if that will continue. WTI Crude is $32.69; $34.87
Around the world, producers have slashed global production by 14 million to 15 million barrels a day so far, and global supply is still heading lower while demand is rising. This all lays the ground for higher prices down the road. WTI Crude is $34.02; Brent is $36.09.
Behavioral changes in response to the pandemic are visible but not all of them are negative for oil use. People are working from home more, but when they do travel, they are more likely to be in cars. WTI Crude is $33.47; Brent is $35.19.
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.
Click here to view our Offerings.