The downward correction of Crude oil WTI is currently a problem only for the usual players. The collapse in global oil prices will once again survive the pandemic that has invaded the planet. The organization of the oil-exporting countries, together with Russia and the other producing nations – known as OPEC + – have reduced the offer to try to support prices. Everyone expected a bullish progression of values, but few know that the market is previewing the choices, living with expectations for a certain period. In this historical context, low prices could last longer than expected, especially in speculative and non-strategic trading operations, descents towards $ 16 are not excluded.
Despite the chaos, it is an opportunity to make the big changes come true. Europe’s leading oil and gas companies, which account for around 7% of global crude oil consumption, are committed to achieving greenhouse gas emission reduction targets that vary in terms of flow. Another example is the same reduction in carbon emissions by 2050, the goal of some players.
In addition, in our opinion prices should remain low, for various reasons, including the containment of the pandemic and the various struggles between producers and their price cartels, but it will hardly be implemented given that there are constant bullish and bearish technical coatings. even of very short duration.
We report that inventory data followed a report from the International Energy Agency (IEA) that oil demand would drop 29 million barrels per day (bpd) in April to a low of the past 25 years, the figure being alarming……
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Commodities strategist, expert in supply chain market, procurement, forex and advisor Stablecoins. www.goldencross.io