WTI Crude is up over 5% at 6:30 AM Central. At current price levels focus is going to be back on production, as high-cost producers struggle to keep pumping. WTI Crude is $24.63; Brent is $26.18.
Some traders estimate crude demand will collapse by as much as 20 million barrels a day this year. Texas Railroad Commissioner Ryan Sitton on Friday landed an invitation to attend OPEC’s June meeting, but hopes for an agreement began to unravel just hours later as his call to curb output was criticized by regulators and drillers. WTI Crude is $22.23; Brent is $25.53.
Texas’s main oil regulator is weighing whether the state should curb crude production, a move that would have an enormous economic and political impact. WTI Crude is $24.76; Brent is $28.24.
Diplomatic efforts aim to get Saudis to cut production; Washington might seek further sanctions on Russia.
We are heading into the most oversupplied market in the history of the oil market, say some analysts. We might hit full utilization of global oil inventories in the months to come. WTI Crude is $22.14; Brent is $25.79.
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