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Please see SP Angel’s Oil Market outlook for 2021: https://youtu.be/T222JHGzokI Oil prices continue to rally as the API reported a draw in crude oil inventories of 2.1MMbbls yesterday for the week ending 4 June Last week, the API reported a draw in oil inventories of 5.4MMbbls after analysts had predicted a draw half that size of 2.1MMbbls Crude oil inventories have fallen by more than 14MMbbls since the start of this year, according to API data, but are still up 43MMbbls barrels since January 2020 While crude oil inventories fell yet again this week, US oil production fell to an average of 10.8MMbopd for the week ending 28 May, according to the latest data from the Energy Information Administration ....
Please see SP Angel’s Oil Market outlook for 2021: https://youtu.be/T222JHGzokI Further strong results from the supermajors sees Shell report strong growth in adjusted earnings for the first quarter and lifted its dividend by 4% Shell reported adjusted earnings of US$3.23bn for 1Q21 and increase from the US$393m earnings for 4Q20, and a rise from the 1Q20 earnings of $2.86bn The expected and previously announced dividend increase is the second small dividend hike at Shell, which this time last year had slashed its dividend for the first time since WWII to preserve cash and value in a highly uncertain macroeconomic environment in the pandemic. ....
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