-Weak earnings reports set the mood for the day. -OPEC may have no choice but to stay where it is on production. The price for Brent crude oil is on pace for a 7.7% contraction for October as demand disintegration reemerges alongside the rise in new cases of the novel coronavirus. European countries, and now … More The Daily Dose; Brent on pace for a 10% contract in October
-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!
-The lower-for-longer mantra was prophetic -US crude oil inventories skewed by temporary factors. The computers are taking over the market. Crude oil prices were up in early morning trading after the American Petroleum Institute reported yet another draw on US commercial crude oil inventories. Data, however, are skewed by the impact of Hurricane Laura, which … More The Daily Dose; Told Ya So, Says Bob Dudley
The GERM Report 