Sharp oil price pullback unlikely
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Started by metmike - May 14, 2020, 5:35 p.m.

Sharp oil price pullback unlikely as demand improves: Goldman

The Wall-Street bank raised its May global demand estimate by 1.4 million barrels per day (bpd), but still sees a decline of 16 million bpd from pre-COVID levels. 

However, recovering demand and lower output would push the global oil market into deficit in June, it said in a note dated May 13.  

By metmike - May 14, 2020, 5:37 p.m.
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A resurgence of coronavirus cases will have ‘major consequences’ for the oil market, IEA warns

It comes after what the IEA Executive Director Fatih Birol described as “Black April,” when the price of U.S. crude futures tumbled to around negative $40 a barrel.

Since then, the outlook has somewhat improved in energy markets and oil prices have rebounded from their April lows.

“Oil production is reacting in a big way to market forces and economic activity is beginning a gradual-but-fragile recovery,” the IEA said. “However, major uncertainties remain.”

“The biggest is whether governments can ease the lockdown measures without sparking a resurgence of Covid-19 outbreaks,” the Paris-based energy agency added.

Another risk, the group said, was whether oil producers OPEC and its non-OPEC allies, sometimes referred to as OPEC+, would achieve a high level of compliance with its agreed output cuts.

“These are big questions — and the answers we get in the coming weeks will have major consequences for the oil market,” the IEA said.

By joelund - May 15, 2020, 8:51 a.m.
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From the Bakken:

14 rigs operating in the Bakken, I'm down to 1.

Estimated 60% of Bakken production shut in.

ND light sweet (Bakken) $4.50 at the wellhead.

By cutworm - May 15, 2020, 11:36 a.m.
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thanks Joe 

By metmike - May 15, 2020, 12:19 p.m.
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Much appreciated Joe!

By metmike - May 15, 2020, 12:45 p.m.
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Short-Term Energy Outlook-EIA

  • West Texas Intermediate (WTI) crude oil price
  • World liquid fuels production and consumption balance
  • U.S. natural gas prices
  • U.S. residential electricity price