OPEC ministers and some analysts believe that the veracity of oil market price signals have been compromised.
, giving rise to OPEC ministerial and analyst concerns that the veracity of oil market price signals has been compromised. Last week, the combined open interest of the four main Brent and WTI contracts fell below 4 billion barrels for the first time since June 2015.However, analysts at Standard Chartered are not losing sleep over this data. According to the commodity experts, the decline reflects a wider fall in hedging activity due to takeover activity and the bullish outlook of US producers.
" BofA wrote in the note to clients. Curiously, the EIA reported a steep drop in gasoline demand shortly thereafter, prompting Piper Sandler global energy strategist to label the data"crooked", saying the methodology left “significant room for error”. Piper Sandler’s allegations are buttressed by U.S. refining giant Valero. Asked about falling gasoline demand at the"I can tell you, through our wholesale channel there is really no indication of any demand destruction... In June, we actually set sales records. We read a lot about demand destruction and mobility data showing in that range of 3% to 5% demand destruction. Again, we're not seeing it in our system.
, making it the strongest demand of the year. In sharp contrast, the EIA reported a 7.6% drop in demand for the same time period.interview with Bloomberg
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Open: Williams begins farewell with win over KovinicOne final tournament for Serena Williams ❤️ But how long will her farewell last in New York? The 23-time Grand Slam winner is about to play Danka Kovinic in the USOpen. Follow live: BBCTennis
Read more »
Daniel Ricciardo would be open to Enstone return with AlpineAs he plots out his next move, Daniel Ricciardo would be open to revisiting his past by joining the Alpine team.
Read more »
Murray, Dart & Draper reach US Open second round'I'm a little bit in shock right now…” 😲 Harriet Dart sealed her first main draw win in New York – and her first win against a top-10 player - by beating Daria Kasatkina in three sets! 👏 More: BBCTennis USOpen
Read more »
Emma Raducanu to remain British No.1 after Harriet Dart crashes out of US OpenBREAKING: Emma Raducanu to remain British No.1 after Harriet Dart crashes out of US Open.
Read more »
Vote on £13m swimming pool plans for WhitchurchWork on a new pool in Whitchurch could start even sooner than planned to avoid rising costs. Read more: And you can hear more with Adam Green on Wednesday’s breakfast show:
Read more »