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Home Companys

Why Oil Prices Didn’t Rally After The OPEC+ Extension | OilPrice.com

June 10, 2020
in Companys
Why Oil Prices Didn’t Rally After The OPEC+ Extension | OilPrice.com
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The extension of the OPEC+ production cut agreement did little to move oil prices as it had already been baked into oil prices

Chart of the Week

– Canada is the largest source of U.S. energy imports, and second-largest destination for U.S. energy exports.

– Energy imported into the U.S. from Canada accounted for $85 billion of value, or about 27 percent of all Canada-to-U.S. trade.

– Roughly 56 percent of oil imported into the U.S. came from Canada.

Market Movers

– Occidental Petroleum (NYSE: OXY) surged 33 percent on Friday, reaching a three-month high. It was the largest percentage increase in OXY’s history.

– Whiting Petroleum (NYSE: WLL) fell by more than 30 percent on Tuesday, ending a brief surge in the company’s share price. The company declared bankruptcy on April 1.

– Chesapeake Energy’s (NYSE: CHK) shares were halted on reports that the company was preparing to file for bankruptcy. The company was once worth $37.5 billion at its peak.
Tuesday, June 9, 2020

OPEC+ agreed to extend the production cuts for another month, but with the extension mostly baked into market expectations, it has done little for oil prices at the start of the week. Meanwhile, the U.S. officially entered an economic recession in February.

Saudi ends extra cuts. Even as OPEC+ agreed to extend the production cuts for another month, Saudi Arabia said that it would end the extra supply cuts that it had imposed in the second quarter. “The voluntary cuts served their purpose and we are moving on,” Prince Abdulaziz said in a press briefing on Monday. Revenues from Saudi oil exports plunged by nearly 22 percent in the second quarter, a decline of $11 billion.

Saudi Arabia hikes oil prices. Saudi Arabia increased the official selling price for its oil by the most in two decades, with Saudi Aramco raising prices of Arab Light to Asia by $6.10 per barrel. The move is a sign that Saudi Arabia wants to continue to boost the oil market by erasing all the discounts it offered at the start of the price war several months ago.

Related: Global Oil Demand To Fall To Levels Not Seen Since 2014

Refining margins could kill oil recovery. Weak refining margins could kill the oil price recovery, according to a new report from Goldman Sachs. If refiners pull back on processing, crude will pile up, pushing down prices. Other analysts see the same trend. “One word of caution is if we look at the rally we’ve seen in crude oil prices, it’s been amazing, but the big uncertainty is if you look at refinery margins, they are very weak across the board across all regions,” Warren Patterson, head of commodities strategy at ING, told CNBC.

Libya to return 300,000 bpd, maybe. The retreat of the Libyan National Army from the siege on Tripoli could pave the way for more Libyan oil to hit the global market. On Saturday, Libya restarted production at its largest oil field, the Sharara, which could bring 300,000 bpd back online. But a day later, the field shutdown after an armed group stormed the facility.

A third of offshore oil production shut in. Tropical Depression Cristobal forced…



Read More: Why Oil Prices Didn’t Rally After The OPEC+ Extension | OilPrice.com

Tags: crude oilcutsDidntExtensionMarginsoilOil PricesOilPricecomOPECpricesProductionRallyRefiningSaudi Arabia

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