Number of Operational Oil Rigs Dips
July 29th, 2019
Crude oil and refined fuels products prices closed mixed on Friday, which was mainly driven by a battle between geo-political supply disruptions risk and a lower world crude oil demand outlook.
Baker Hughes reported that three crude oil rigs came offline in the US down to a total of 776 rigs, the lowest number of oil rigs since 2/2/2018.
Russia’s Energy Minister, Alexander Novak, said Russia has a commitment to keep its monthly average oil production in line with global agreement on oil put-put, but added that its level may fluctuate in the course of a month due to various factors.
According to Reuters to a Reuter’s poll of over 500 economist who remain worried about the US-China trade was, a global economic growth rut risk deepening, despite expectations that major central banks will cut rates or ease policy further.
I am seeing a lot of comments about the market being stuck, and the dog days of summer keeping the market in a range. There are many concerns around the market that we are all familiar with and that will keep the market on edge. But until something breaks the market is likely stuck in a range with the medium term outlook higher from a seasonal perspective.
The FOMC meets this week and the market is expecting that they will cut rates.
Chinese customs data showed on Saturday that Chin imported 39,579,393 tons of oil, up 15.3% from a year ago. They also imported 37,178 tons of gasoline which was up sharply.