Diesel issues could get worse due to lack of crude from OPEC+ kingpins

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💡Summary: • In August, observed global inventories plunged by a massive 76.3 million barrels, or by 2.46 million bpd, per the IEA estimates... Show More

💡Summary:

• In August, observed global inventories plunged by a massive 76.3 million barrels, or by 2.46 million bpd, per the IEA estimates.

• According to the Agency, the loss of OPEC+ supply from September onwards will drive a significant supply shortfall.

• If Saudi Arabia and Russia then unwind cuts next year, the market would shift to a surplus but oil stocks would remain low leaving.

"From September onwards, the loss of OPEC+ production, will drive a significant supply shortfall through the fourth quarter," the IEA said in its monthly oil report. OPEC+ maintaining current supply cuts through year-end coupled with a positive demand backdrop in Asia could push Brent prices above $100 per barrel before 2024, analysts at Bank of America Global Research said.

Benchmark Brent futures were trading around $93 a barrel by 1006 GMT on Wednesday, while U.S. West Texas Intermediate (WTI) crude was at $89. Asia is leading the global energy demand growth, and China has continued to boost its oil reserves, to keep up with its reliance on imports, Bank of America said in a note dated Sept. 12.

Source: Investing

Diesel futures already are trading near the highest level since January in New York, and the premium that near-term supplies are fetching relative to deliveries later this year is discouraging arbitrageurs from stowing fuel in storage tanks. At the retail level, diesel is commanding 30% more than the five-year average, according to data from auto club AAA.

🎙️Q:

1. Will high oil prices hurt your portfolio?

2. Is diesel fast rust?

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71322722 go

09/14 03:41

Rene verdugo

Diesel issues could get worse due to lack of crude from OPEC+ kingpins

Miz Kyraa

09/14 00:10

$BetaShares NASDAQ 100 ETF(NDQ.AU)$

Diesel issues could get worse due to lack of crude from OPEC+ kingpins

lightfoot

09/13 23:10

We are moving into recession. Sales will drop, net profits will decline, unemployment will rise, wages will not support the families, immigration will consume your community resources as I predicted. The taxpayer is migrating to find suitable lifestyles. EV's will destroy capitalism. This is another Warning! Stay out of Teck Stocks, caution warranteed in banking and finance, bankruptcies overwhelming, crime, higher costs for transportation leads to even higher prices to consumers. ...

Diesel issues could get worse due to lack of crude from OPEC+ kingpins

lightfoot

09/13 23:00

Oil rising is good for the Industry and higher prices may curtail travel and bring inflation down while consumer inventories climb. If you don't travel you don't buy goods.

Diesel issues could get worse due to lack of crude from OPEC+ kingpins

razo2

09/13 20:55

$Crude Oil Futures(JAN4)(CLmain.US)$ look at you grow!

Diesel issues could get worse due to lack of crude from OPEC+ kingpins

Seraphicall

09/13 20:52

Fly to 100 🚀🚀

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Diesel issues could get worse due to lack of crude from OPEC+ kingpins

Trading Yoda

09/13 20:38

Market Outlook Sep 13

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Diesel issues could get worse due to lack of crude from OPEC+ kingpins

efficentupup

09/13 16:22

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Diesel issues could get worse due to lack of crude from OPEC+ kingpins

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09/13 16:17

$Occidental Petroleum(OXY.US)$$Chevron(CVX.US)$ Two Warren Buffett-backed energy stocks are among a group of five near buy points as oil prices jumped after Saudi Arabia extended its voluntary production cut of 1 million barrels per day until the end of 2023. 📈

Diesel issues could get worse due to lack of crude from OPEC+ kingpins

nerdbull1669

09/13 10:22

Amazon (AMZN) break 50-Day period. Opportunity Here!

With the ecommerce space competition heating up, I believe major ecommerce major player should start to look at having a one-stop service from platform all the way to a closed loop supply chain service for its sellers.
This would benefit both the sellers and their customers. Remember how $JD.com(JD.US)$ has spend time in 2017 and come up with its new standard and solution for the modern supply chain.
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Diesel issues could get worse due to lack of crude from OPEC+ kingpins

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