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


https://www.reuters.com/article/us-global-oil-research-goldman/sharp-oil-price-pullback-unlikely-as-demand-improves-goldman-idUSKBN22Q0O6


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.  

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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


https://www.oilandgas360.com/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

https://www.eia.gov/outlooks/steo/

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