Petroleum Bazaar- Trading and Delivery of Petroleum Products

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic.
The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of record global output cuts. The group will either have to consider further production cuts or tolerate lower oil prices for longer....

NEW YORK – Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.
Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is enshrined in the U.S. Constitution, but Trump’s remarks were viewed as an attack on the integrity of the coming election...

Sluggish oil demand recovery with resurging coronavirus cases in many parts of the U.S. and the world and the return of previously withheld production from OPEC+ and North America have combined to flip the oil futures curve again to a sign of a new glut...

The United States will do everything it can to ensure Russia’s Nord Stream 2 gas pipeline project does not pose a security threat to Europe, but needs more tools to do so, U.S. Secretary of State Mike Pompeo said on Thursday.
Russia aims to use the pipeline to double the amount of gas shipped to Germany, using a route under the Baltic Sea that will bypass Ukraine and deprive it of potentially billions of dollars in transit fees. Washington worries the pipeline extension could...