$OIL RegressThe current Oil downfall is explained with a set of recent news:
OPEC on Monday cut its forecast for global #oil demand growth in 2024 citing softer expectations for #China, a reduction that highlights the dilemma faced by the wider #OPEC+ group in raising production from October.
Chevron (NYSE:CVX) has achieved a technological breakthrough, producing first oil from a U.S. Gulf of Mexico field under extreme subsea pressures, the energy company said on Monday.
At its peak, the floating platform will pump up to 75,000 barrels of oil and 28 million cubic feet of natural gas a day. The field is about 140 miles (225 km) off the coast of Louisiana.
The oil market is poised for a significant correction in the fourth quarter of 2024, driven primarily by increasing supply/demand surpluses. While oil prices have been recovering from previous lows, the fundamentals suggest that the market is headed for a downturn, as per analysts from Macquarie in a note dated Monday.
China's change in the total value of outstanding bank loans issued to consumers and businesses is only 250B, with forecast of 1,280B. Borrowing and spending are closely correlated with consumer confidence.
Reuters: Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies.
