OPEC Unfazed By Falling U.S. Oil Demand

13 Sep 2017   OPEC, USA

Data related to Hurricane Harvey is starting to come together. For the week ending on September 1, refinery inputs fell by 3.2 million barrels per day (mb/d), or 34 percent, according to the EIA. • It was the largest week-on-week decline since 2008. • The outages remain, with a little more than 2 mb/d of refining capacity offline, according to Goldman Sachs. Market Movers • ExxonMobil (NYSE: XOM) agreed to slash its LNG price to India under a 20-year contract, a major concession that demonstrates the increasing leverage that buyers have over sellers in an oversupplied market. • Glencore (LON: GLEN) and Qatar announced […]

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