How the pandemic is impacting the global crude oil market - Business Insider

of crude oil and exported about 3 million bpd of crude oil, according to the US Energy Information Administration . However, those figures are going to change as the global slowdown affects not only US supply, but global demand.

Already in June 2020, the US imported 27,885 fewer barrels than the same month last year and exported 347,000 barrels less, all according to data from the EIA. "If you look at the supply/demand structure for the US export market, it's extremely fragile, with the demand picture quite fluid," says Phil Streible, chief market strategist at Blue Line Futures. "Exports peaked in March, and these were most likely orders or commitments made pre-pandemic, and they've come down significantly from then."

Even though US rig counts are down more than 70%, demand still seems to be the main factor in this new dynamic.It is reflected in seasonal price patterns as well. Since 2000, WTI crude oil futures prices have risen from January 1 through August 31 16 of 20 times, reflecting the anticipation and the reality of increased demand from the summer driving season. In 2020, prices were down in that period 30.8%.

"What really concerns me going forward with regard to seasonality, is looking ahead to Q4. As we move into the northern hemisphere's winter, the northern hemisphere is where 90% of the world's population lives," Norland says. "The evolution of the pandemic over the next few months I think is going to have a really big impact on oil demand one way or the other as we move into the fourth quarter which is typically much weaker quarter in terms of demand.

CMEGroup I’d say it’s making life much better. I like the current price drop, otherwise who is winning? People? Of course not - greedy corporations.

CMEGroup PresCovid19 aka Demagogue Donald said, 'Feeling really good! Don't be afraid of Covid.' Yea! Tellin' Lies Trump, let's have another Rose Garden event at the White House without social distance or masks. Invite the Melania, McEnany, and the entire GOP-Republican politicians. Do it

México Últimas Noticias, México Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Inside the fight to save Rent the Runway - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Someone should report on them dropping their unlimited plan in early 2021 only to offer a limit of 16 items per month at a $30-60 increase in monthly cost at that tier vs unlimited. They say it's because customers aren't interested in unlimited and yet they limit and charge more?
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »

I'm a porn star making five figures from home during the pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. no its your attractive with big tits 32 year old porn star? Should say porn star (Ret) I want my kids to be porn stars
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »

News on the president's health shows gravity of pandemic and infodemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Get a life Trump is about to experience the pain & humiliation from a mighty kick in the rear by our 200yr old democracy: packing & leaving the WH, as much as he wants to cling on to power as insurance against all his crimes, real & perceived, only voters decide who lives in the WH. Shrouding Trumps health in secrecy -just like his taxes - only fuels speculation
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »

World's best airport warns of 'daunting' future amid pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Finally. Flying is so cool and so environmentally friendly
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »