LONDON Boosted by strong consumption of diesel, U.S. oil refiners are making progress on reducing excess stocks of middle distillates by limiting crude processing and focusing on making as much gasoline as possible.
LONDON Decisions on where and how to work are embodied in trillions of dollars of investment worldwide, including the siting of commercial and residential real estate as well as transportation systems and other infrastructure.
LONDON Saudi Arabia and Russia will probably agree to extend their oil production cuts and postpone planned increases when they meet for talks with their OPEC+ partners at the end of November.
LONDON Hedge funds purchased crude futures and options at the fastest rate for six months as portfolio managers became increasingly confident OPEC+ will postpone scheduled output increases until demand is stronger.
LONDON By restricting crude processing and focusing on making gasoline, U.S. petroleum refiners have made progress in reducing excess stocks of middle distillates such as diesel and heating oil.
LONDON In his landmark study of the history of economic growth, Joel Mokyr observed "the best predictor of the living standard that a newborn baby can expect to enjoy is the accident of where he or she is born". ("The Lever of Riches", 1990).
LONDON Hedge funds are reducing their risk exposure to crude oil and refined products against a backdrop of increasing uncertainty over a resurgence in the coronavirus and potential double-dip recession.
LONDON Excess petroleum inventories are being absorbed as lower prices compel U.S. shale producers and the members of OPEC+ to limit their output, confirming the market is on course to rebalance in 2021.