⚠️🛢#oil
oil market glut threatens to push prices lower this year. At issue is rising crude production from non-OPEC+ nations including the US, which could outstrip global demand that’s still growing but at a slower pace. The oil cartel’s response has been to pledge deeper output cuts, but traders are skeptical they’ll be sufficiently implemented to fully eliminate a surplus — BBG
US total crude oil production = Record
oil market glut threatens to push prices lower this year. At issue is rising crude production from non-OPEC+ nations including the US, which could outstrip global demand that’s still growing but at a slower pace. The oil cartel’s response has been to pledge deeper output cuts, but traders are skeptical they’ll be sufficiently implemented to fully eliminate a surplus — BBG
US total crude oil production = Record
❗️🛢#oil #forecast #macro
the oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand — Occidental CEO
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earlier, OPEC estimated the total investment needed in the oil sector by 2045 to be $14T #capex
BP: investment in oil and gas production will still be required for the next 30 years
⚠️ but Doomberg asserts that the world is moving into an era of hydrocarbon oversupply
the oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand — Occidental CEO
————————
earlier, OPEC estimated the total investment needed in the oil sector by 2045 to be $14T #capex
BP: investment in oil and gas production will still be required for the next 30 years
⚠️ but Doomberg asserts that the world is moving into an era of hydrocarbon oversupply
🛢🌕#oil #forecast #gold #correlation
McClellan: gold and oil have historically shown a strong positive correlation, with oil lagging gold by 19.8 months. Current conditions suggest an imminent bottom in the oil market.
McClellan: gold and oil have historically shown a strong positive correlation, with oil lagging gold by 19.8 months. Current conditions suggest an imminent bottom in the oil market.
🛢#oil #forecast #marketsize
Goldman: peak oil demand to occur by 2034 — report
Goldman remains optimistic about the petrochemical industry and the production of middle distillates (diesel and jet fuel). #petrochemical #refining #biofuel
Goldman: peak oil demand to occur by 2034 — report
Goldman remains optimistic about the petrochemical industry and the production of middle distillates (diesel and jet fuel). #petrochemical #refining #biofuel
❗️🛢#oil
hedge funds have cut their long positions in Brent futures to the lowest level ever recorded — data of CFTC
hedge funds have cut their long positions in Brent futures to the lowest level ever recorded — data of CFTC
🛢#oil
BBG: hedge funds and asset managers have cut their bullish bets on WTI oil to a 14-year low.
BBG: hedge funds and asset managers have cut their bullish bets on WTI oil to a 14-year low.