- Oil is trading lower and heading for a fourth weekly loss
- WTI prices are now down nearly $3 this week and have fallen below $75/Bbl
- Manufacturing data from China and the US this week both showed weakness
- US data showed the labor market cooled more than expected
- US shale producers to boost output (BBG)
- Despite calls by many for production growth restraint, several big producers have plans to grow their output
- EOG, Coterra, and Civitas announced during their quarterly earnings calls plans to increase production, driven by stronger-than-expected well performance in the Permian Basin
- If non-OPEC producers grow production, OPEC may find it more difficult to bring supply back into the market while still keeping prices supported
- Smaller Chinese refiners cut throughput to a four-year low (BBG)
- Last week, Independent refiners in Shandong cut run rates to 48.38% of capacity, a new four-year low
- Meanwhile, state-owned refineries boosted throughput to 77.43% of capacity
 |
|
|
|
|
 |
Looking for interest rate charts? We moved them here |
