CRUDE OIL Crude oil futures trended higher over much of last week but lost ground on Friday amid renewed concerns over the spread of the COVID-19 virus. April WTI settled Friday at $53.38/bbl, a $0.50 drop from the day before, and is down more than 4% this morning. Outbreaks in South Korea, Italy and Iran have taken the market’s focus off of China, where the number of new cases continues to slow and economic activity has been on the mend. Meanwhile, negotiations in Geneva between Libya’s two warring factions appear to be making progress, raising the possibility that close to 1 MMbbl/d of production may be restored in the coming weeks. Talks resumed late last week after being briefly suspended when one of the parties, the UN-backed Government of Accord, withdrew after the port of Tripoli was shelled by the Libyan National Army. A draft ceasefire agreement is currently under review by both factions’ leadership. The Energy Information Administration posted a lukewarm inventory report last week. Commercial crude oil inventories increased marginally by 0.4 MMbbl for the week that ended Feb. 14, while total gasoline stocks drew by 2.0 MMbbl. Distillate inventories also posted a modest draw of 0.6 MMbbl,… continue reading
Continue reading The Week Ahead For Crude Oil, Gas and NGLs Markets – February 24, 2020. This article appeared first on CTRM Center.
Source: CTRM Center