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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
7 different ways to support female small businesses owners 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. Hermoney More good news please(((
Source: BusinessInsider - 🏆 729. / 51 Read more »
Panera debuts pizza, as Domino's, Papa John's pandemic sales explode - 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.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump administration wrongly claims it has ended COVID-19 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. If everyone has it, the spread is stopped. hi, to anyone reading this, can you please share my moms go fund me? She survived COVID-19 TWICE, but still needs help, Just one share would mean the world to mom and I ❤️ ❤️ 🙏🏽 thank you for all prayers, donated funds and shares of this campaign The Trump Years 😷
Source: BusinessInsider - 🏆 729. / 51 Read more »
Pharma executives selling company stock amid COVID-19 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. horrible BITCOIN! Holy smokes! MICROSTATEGIES invested $475 million two months ago into bitcoin. They have already made $100 million profit on their investment!!! IN TWO MONTHS!! Once other companies comprehend this BITCOIN is gonna bump, baby 😁
Source: BusinessInsider - 🏆 729. / 51 Read more »
RV shipments continue to rise through the coronavirus 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. sour or soar? Two very different meanings which spellcheck doesn't catch unfortunately!😂😂😂 'Sour', Soar, whatever... Hey Genius... Learn to spell. If sales are up 30% they are not sour. Who gives someone a job writing when they can't spell?
Source: BusinessInsider - 🏆 729. / 51 Read more »