Highlights WTI futures contracts delivering into Cushing, Oklahoma, in June could trade or go off the board below $0.00/bbl next month, just as the May contracts did this month, when they changed hands at a low of -$40.32/bbl last week…
Highlights The May-June WTI spread settled earlier in the week at a $7.29/bbl contango, the widest level since February 2009 during the GFC. This reflects an extraordinarily tight storage market in the US Gulf and Midcontinent. WTI for…
The price differential at which Canadian heavy-sour crude trades to the North American benchmark WTI will be pushed to -$20/bbl into 1Q20, as transportation constraints continue to slow the marginal barrel’s egress from Alberta.…
Increasing volumes of WTI light-sweet crude are making their way into the Brent North Sea physical market. These export volumes will increase, supported by the buildout of pipeline takeaway and deep-water harbor capacity in the U…
Highlights We expect the high level of compliance with the OPEC - non-OPEC production agreement engineered by the Kingdom of Saudi Arabia (KSA) and Russia will endure, leading to significant reductions in global oil inventories this year…