Patti Domm, CNBC, has a nice piece on the rebound in oil prices, here…
”The pickup in gasoline demand is coinciding with big production cuts, and together that’s a formula for higher oil prices. U.S. producers are halting drilling projects, and OPEC and its partners began cutting their output last Friday. According to ClipperData, Saudi Arabia’s ship loadings fell to a three-day rolling average this week of 6 million barrels per day, down sharply from 12 million bpd in the prior three-day period.”
And, this:
”“A shift in market sentiment was lifting prices earlier this week, but the physical overhang does not want to go away,” the Citigroup analysts wrote in a note.”
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