-Like OPEC, US Fed Chief Powell needs a Goldilocks moment. -OECD finds the global employment situation to be bleak. Chinese oil demand is almost back to what it was in late 2019, before the onset of the coronavirus pandemic. US consumer fuel demand, meanwhile, is recovering from an April slump. That’s the word Wednesday from … More The Daily Dose; Is Reality (Finally) Catching Up With the Market?
Risk level: RED RED: Severe (+/- 4%) ORANGE: High (+/- 3%) YELLOW: Elevated (+/- 2%) BLUE: Guarded (+/- 1%) THE BOOSTER SHOT -OPEC+ may have overshot. -BP to cut headcounts by 10,000. Crude oil prices looked set to establish a floor at around $40 per barrel after parties to the latest OPEC+ curtailment measure agreed … More OPEC’s Balancing Act is Wobbly
-OPEC+ in agreement. For now. -The recession will be televised. Brent did it! The global benchmark crashed through the $40 ceiling in overnight trading on word Russia and the other major parties to OPEC+ curtailments were extending the deal beyond June. Russia had balked earlier on deeper cuts, arguing the demand destruction from the coronavirus … More The Daily Dose; Don’t Get Ahead of Yourself.
The GERM Report 