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xResearch

Active Member
Apr 9, 2017
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#52
Oil Prices Up On Iraq Tension, Iran Deal Stay

Oil prices strengthened today as tension in Northern Iraq's oil-rich Kurdish region erupted, just days after the U.S. indicated it will let the Iran nuclear deal "die another day." Click here for more
 
Apr 11, 2017
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#53
Special Report: Trump told Saudi: Cut oil supply or lose U.S. military support - sources

WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.

In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.

The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic - scoring a diplomatic victory for the White House.

https://uk.reuters.com/article/us-g...se-u-s-military-support-sources-idUKKBN22C1V4
 
Apr 11, 2017
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#54
Coal Demand Set for Biggest Annual Drop Since World War II

Global coal demand is heading for its biggest annual drop since World War II as economic activity plunges due to coronavirus lockdowns.

Burning coal to make electricity in several European countries has become unprofitable and socially untenable -- crowded out by cheap natural gas and the proliferation of renewable energy as well as powerful environmental movements. The pandemic has only hastened its demise.
Global coal demand will fall by 8%, the International Energy Agency said in a report gauging the impact of the virus across the energy business. The amount of the fuel burned for power will fall 10%.

https://www.bloomberg.com/amp/news/...-since-world-war-ii?__twitter_impression=true
 
Apr 11, 2017
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#55
Goldman Sachs Predicts $51 Oil In 2021

Goldman Sachs raised its estimate for WTI Crude prices in 2021 to $51.38 per barrel from $48.50, expecting a gradual recovery in global oil demand and production cuts from OPEC+ and shut-ins elsewhere to support oil prices next year.

“Oil production has started to decline quickly from a combination of scaleback in activity, shut-ins and core-OPEC/Russia production cuts,” Goldman Sachs Equity Research said in a note carried by Reuters.

“Demand is also beginning to recover from a low base, led by a restarting Chinese economy and in?ecting transportation demand in developed market economies,” analysts at Goldman Sachs said in the note.

Together with raising its forecast for WTI Crude, Goldman Sachs revised up its estimate for Brent Crude prices to $55.63 a barrel from $52.50 per barrel previously expected.

At 10:30 a.m. EDT on Monday, Brent Crude was up 1.89 percent at $26.94, and WTI Crude was trading at $20.19, up by 2.22 percent on the day, as some U.S. states and countries in Europe eased lockdowns days after OPEC+ began their pact to remove 9.7 million bpd from the market in May and June.
Even though oil producers finally agreed to cut production by nearly 10 million bpd, the deal will fail to support oil prices in the coming weeks as the agreement, albeit historic, is falling short of the enormous demand destruction and expectations, Goldman Sachs said after the OPEC+ deal was sealed.
After WTI Crude futures dipped to -$37 on April 20, the day before the May contract expired, Goldman’s head of commodities Jeffrey Currie said that the recovery in U.S. oil prices was still weeks away.

While Goldman Sachs doesn’t expect oil prices to jump too much in the coming weeks, it remains fairly bullish about oil demand in 2021 and the fact that major oil producers would slash production—OPEC+ because of their collective pact, and the U.S. and Canada, for example, because of market conditions.

By Tsvetana Paraskova for Oilprice.com
https://oilprice.com/Energy/Oil-Prices/Goldman-Sachs-Predicts-51-Oil-In-2021.html