A disturbance in the Gulf of Mexico is forecast to strengthen into a tropical storm Monday and could become a hurricane before it reaches the U.S. Gulf Coast by midweek. https://t.co/pL0yoM5hcJ
A Ukraine drone attack sparked a fire at an oil depot in the Kamensky district of Russia's southern region of Rostov, its governor said, confirming media reports that several tanks were on fire https://t.co/Bj4AnuwD9i
Israel launched a large-scale military operation in the West Bank to combat what the army said was terrorist activity, the latest sign of escalating hostilities in the Palestinian territory https://t.co/TGNdBpONai
Oil markets turned bearish as Israel reportedly agreed to a Gaza ceasefire, with Brent crude dropping to $78.21/barrel. The ceasefire talks, soft Chinese data, and improved Libyan output are pressuring prices. #OilPrices
https://t.co/xQpyATVPb0
Could a 'mini OPEC' be forming on US soil? Major refiners like Marathon and Valero plan to cut refining capacity as demand slows and global crude glut concerns grow. A potential refining cartel?
https://t.co/EXGfSzTPsF
Sold-Out Hedge Funds Ride the Bear in Crude, Grains, Commodities - The least amount of managed money (#hedgefund) net-longs in major #commodity#futures in 13 years indicates a #bearmarket and potential for prices to bounce. Petroleum futures are the most sold out in our database since 2011, and massive shorts in the #grains are riding a near-perfect bear-market storm. #energy #grains @BBGIntelligence
The full report is on the Bloomberg terminal here; https://t.co/EoYVTgTVpt {BI COMD}
🚨 OPEC, in its latest Monthly Oil Market Report, 𝙛𝙞𝙣𝙖𝙡𝙡𝙮 downgraded global demand growth forecasts for this year & next after holding 2024 outlook steady—& crazy high vs others—since last summer.
2024: 2.25 ➡️ 2.11 MMbpd
2025: 1.85 ➡️ 1.78 MMbpd
And it's still too high.
OPEC trimmed forecasts for global oil demand this year and next as the cartel and its allies prepare to decide on next quarter’s planned supply increase https://t.co/A0KMFKxI1N