-OECD; This is worse than the Great Recession -Russia’s patience with OPEC constraint wearing thin Crude oil prices were in a holding pattern in early Thursday trading ahead of weekly data on first-time jobless claims in the United States. Exuberance was aplenty last week after the data showed a surge in new hiring, though data … More The Daily Dose; US Oil Demand in Question amid OECD warnings
-US pipeline woes curb potential for energy dominance -Russia is concerned about a Joe Biden victory The price for Brent crude oil remains stuck at around $40 per barrel as the abnormalities of the quarantine economy become the new normal. The apathetic price band comes even as the US government raised its estimate for Brent … More The Daily Dose; US Oil Dominance Faces Headwinds.
-Demand signals are louder than COVID concerns. -Russia looks set to end OPEC+ constraint. The futures structure for Brent crude oil moved into slight backwardation in late Thursday trading after Iraq and Kazakhstan pledged to uphold their curtailment obligations to OPEC. Backwardation, where late-month contracts trade at a discount to the market, signals the oversupply … More The Daily Dose; Backwardation Baby.
The GERM Report 