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USO: OPEC Gets Wrecked By U.S. Shale Amid Poor Economic Growth

USO: OPEC Gets Wrecked By U.S. Shale Amid Poor Economic Growth
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Oil Prices Are Running Ahead Of The Fundamentals | Hellenic Shipping News Worldwide

Oil Prices Are Running Ahead Of The Fundamentals
As the pandemic rages, so do oil prices, reaching levels not seen since January 2020, when the virus was still a gleam in the epidemiologists’ eyes. A variety of reasons have been given for this trend, including recovering demand and suppressed supply, the vaccine roll-out, and falling inventories. Indeed, the futures price has returned to backwardation, with the current contract nearly $1 higher than the 4th month contract, almost the same as early 2020.
Which is a bit perverse, given that the fundamentals do not at this point seem to justify such prices, let alone backwardation. Backwardation, when current prices are above future prices, implies that the market is tight, which is why current contracts have a premium. (Remember that futures prices are not predictions of the price in the future but what people are willing to pay today for barrels at a future date.) The figure below shows the prompt (1st month) contract min ....

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ANS remains above $56 - January 24, 2021

Providing coverage of Alaska and northern Canada s oil and gas industry
ANS remains above $56
Steve Sutherlin
Petroleum News
Alaska North Slope crude rose 66 cents Jan. 19 to close at $56.83 per barrel, after diving $1.28 Jan. 15 to close at $56.17.
U.S. prices recovered Jan. 19 after Janet Yellen, U.S. President-elect Joe Bidens nominee for Treasury Secretary, told the U.S. Senate Finance Committee to act big on new coronavirus relief, arguing that the economic benefits far outweigh the risks of a higher debt burden. West Texas Intermediate gained 62 cents to close at $52.98, but Brent fell 35 cents to $55.10.
Brent price action Jan. 19 may have been influenced by the extension of pandemic lockdowns in Germany until mid-February. ....

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