-Seasonal factors are heightened by the pandemic. -Some OPEC producers are getting impatient. It was another bruising day for crude oil prices, though major indices had recovered somewhat from the early-morning sell off. We’ve said it before and we’ll say it again, demand is a clear issue as the pandemic holds no quarter. Apart from … More The Daily Dose; Demand is Dead. Long Live Demand!
-We clearly have a demand problem going forward. -Market shrugs off landfall of Hurricane Zeta. It was a bloodbath for crude that not even missile threats for Saudi Arabia could upend. And traders all-but ignored landfall from Hurricane Zeta. Instead, it was a build on commercial crude oil inventories in the United States and tightened … More The Daily Dose; Saudi missile threat? What Saudi missile threat?
-The second wave is here -Lack of stimulus leads to higher US poverty rates OPEC Secretary General Mohammad Barkindo said Thursday the production group would not let crude oil prices drop too low, but the demand destruction from the pandemic may be beyond his control. In Europe, most major economies are locking down again … More The Daily Dose; Demand Destruction Continues
The GERM Report 