• TAC - The Arnold Companies
The Arnolds Companies

The Great Debate Of Global Oil Supply Continues

Tuesday, Apr 16 2019
Market Talk

Energy futures are treading water this morning, ahead of the weekly inventory reports. The great debate of global oil supply continues, with bulls suggesting that production cuts by OPEC & Russia, whether intentional or not, could push oil to $100 while bears will note that spare production capacity and a global economic slowdown are more likely to push prices to $40.

After a strong rally, there are finally signs that the spring rally for gasoline prices may finally be ending. California retail prices have surpassed $4/gallon in many markets as spot prices approached $2.70 last week, but have since dropped by nearly 30 cents as resupplies begin to arrive. With the RVP transition and a busy refinery maintenance schedule already behind us, and the most speculative bets ever for this time of year on gasoline prices going higher, it’s becoming easier to see why spot gasoline prices may have more room to fall in the coming week. From a technical perspective, if May RBOB can’t hold above $2 this week, it looks like we could see attempt to sell-off closer to $1.80 in the next few weeks.

Some options for reading while we await the inventory reports:

- EIA: It took 11 years for Tiger to win another major the US to break its annual energy consumption record set in 2007.

- Despite falling rig counts in Q1, US shale oil production is still poised to reach new record highs in May, according to the EIA’s drilling productivity report.

- Dallas FED: How online shopping and employment trends have changed inflation patterns.

- The fight for market share: Saudi Aramco is taking a $1.2 billion stake in a Korean refining and shipping conglomerate, giving the Kingdom a guaranteed outlet for more of its oil exports.

CLICK HERE for a PDF of today's charts

TAC - The Arnold CompaniesTACenergyTAC AirKeystone Aviation

Latest Posts

News Update: New Senior Vice President and Chief Financial Officer
The Crescent® Renews and Expands Leases Totaling 48,856 Square Feet
Keystone Aviation Renews WYVERN Wingman Certification
TAC Air and The Wall Street Journal Launch Digital Newspaper Distribution for Business Aviation Executives

Archive

Latest Posts

Archive

The Arnold Companies
  • About
  • News & Views
  • Social Media
  • Careers
  • Contact Us
  • Sitemap
TACenergy
  • Supply
  • Customer Login
  • Apply For Credit
  • Market Talk Updates
  • Contacts
  • Blog
  • Social Media
Find Your Next Great Role With TAC.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
TAC - The Arnold Companies © 2021. All Rights Reserved.