- Crude oil prices rebounded from yesterday's sharp losses, with U.S. WTI +3.2% to settle at $62.04/bbl and Brent +2.4% to $65.15, amid broad market optimism over strong U.S. jobs data and news of the planned meeting between Pres. Trump and North Korea's Kim Jong Un.
- “Geopolitical stability defiantly supports” demand for oil, says Naeem Aslam, chief market analyst with ThinkMarkets.
- Also, Libya’s 70K bbl/day El Feel oilfield remained shut despite the Petroleum Facilities Guard saying it had reached a deal to reopen it.
- But some analysts maintain a bearish view of crude, including Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates, who says "record production is coming closer to offsetting this year’s demand that has generally been stronger than expected."
- The EIA said this week that it expects U.S. crude output to average 10.7M barrels/day in 2018, the highest on record.
- “The rapid growth of oil production in the U.S. is continuing to generate selling pressure,” Commerzbank (DE:CBKG) analysts say, although the latest Baker Hughes survey shows the number of active U.S. oil drilling rigs fell for the first time in seven weeks.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: Weekly Oil Storage Report - Let's Start The Bullish Q1 We've Been Waiting For
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