Energy Report: Betrayal

Still, while oil is selling off on the prospect of more Iranian oil coming on the market, the downside risk for oil is much less than it was in 2015. OPEC Plus has done a great job showing restraint and Iran has already been sending oil and cementing ties with China. Iran does not have as much oil in storage as it had in 2015. The policy of re-engaging Iran has no upside for the US. This is all bout undoing Trump.

Oil supply this week should fall significantly by at least 4 million barrels. This should be a new string of oil draws. We also expect the gasoline supply to fall by 2 million barrels and distillates to rise by 1.0. Runs should increase by 2.0. Reigzone reports that the U.S. rotary rig count increased by 13 to 430 drilling units this week, Baker Hughes Co. reported Thursday. Its weekly count of operating rigs Baker Hughes noted the U.S. oil rig count rose by 13 and now totals 337. The U.S. gas rig count slipped by one to 91 and the number of miscellaneous rigs grew by one to two, the service company added. Since this time last year, when 664 rigs were operating, the U.S. has shed 234 rigs, Baker Hughes noted. The firm stated the year-on-year figures reflect a 225-unit decrease in oil rigs, a nine-unit decline in gas rigs, and no change in the number of miscellaneous rigs (two). It added the U.S. offshore rig count increased by two this week to 14 – compared to 18 a year ago.

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