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Page added on September 7, 2020

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Oil Market Sentiment Turns Sour

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The oil market sentiment has turned sour.

That’s according to Rystad Energy’s senior oil markets analyst Paola Rodriguez-Masiu, who made the statement in a comment sent to Rigzone on Monday.

“We don’t see oil prices bouncing back anywhere near to the $50 per barrel level anytime soon unless OPEC+ decides to deepen the current cuts. Although ideal, we find this scenario unlikely,” Rodgriguez-Masiu said in the statement.

“Instead, the alliance will likely focus on ensuring compliance with the implementation of the current agreed cuts, exerting maximum pressure on countries failing to comply. Which in itself is not an easy task either,” Rodriguez-Masiu added.

The Rystad Energy representative labeled September as the month of the “delayed summer blues” for the oil market and noted that traders had been happy to support prices throughout the last few months, ignoring “worrying” signals that oil demand’s recovery would be slowed.

“The slowdown is now starting to be more evident than ever and these two first weeks of September are weeks of sobering up to the reality,” Rodriguez-Masiu stated.

“Following a week of losses, today oil prices continue the decline, mainly because of developments in the Middle East and Asia, and also on concerns that road fuel demand might dip in the U.S.,” Rodriguez-Masiu added.

The Rystad Energy analyst outlined that worries about the health of road fuel demand in the U.S. intensified this morning, with the Labor Day holiday marking the end of the summer driving season. Rodriguez-Masiu highlighted too that there is concern in the country that Covid-19 infections will continue to grow until the end of the year.

According to Rodriguez-Masiu, the slump in oil prices was also fueled by reports of larger-than-anticipated cuts in Saudi Arabia’s crude pricing to Asia, which the Rystad Energy analyst said was interpreted by the markets as a sign that the demand recovery in the region is running out of steam. In addition, Rodriguez-Masiu noted that China reported that crude imports fell in August for a second month amid brimming stockpiles and congestion at its main ports.

“If China does not boost again its oil imports soon, this could be interpreted as a warning sign that even heavy industry-propelled economies, that traditionally come back more quickly than others in times of crisis, are feeling the strain,” Rodriguez-Masiu stated.

At the time of writing, the price of Brent crude oil was hovering around the $42 per barrel mark. Prices were well above $46 per barrel on the last day of August.

RIGZONE



18 Comments on "Oil Market Sentiment Turns Sour"

  1. Rik on Mon, 7th Sep 2020 5:28 pm 

    China should exterminate all Hong Kongers, Macauers, and Taiwanese people.

  2. bochen777 on Mon, 7th Sep 2020 5:30 pm 

    ASCENDCHINA.ch

    DF41.ch

  3. Rik on Mon, 7th Sep 2020 5:32 pm 

    All Chinese megaprojects should be indefinitely cancelled, the Yuan/Renembi should crash and all crops should be burned.

  4. Rik on Mon, 7th Sep 2020 5:33 pm 

    Beijing should be nuked along with Shanghai, Shenzhen and other big cities.

  5. the board on Mon, 7th Sep 2020 6:03 pm 

    bochen777 (juanPPee) You have been reported to the moderators on the moderated side for violation of policy:

    Re: Pat Buchanan: America in worst decline since Soviet Unio
    Postby bochen777 » Mon 07 Sep 2020, 17:25:10
    It seems Real Green aka Rik aka Short on Oil has lost it

  6. Anonymouse on Mon, 7th Sep 2020 6:15 pm 

    ROFL. Still fantasizing about getting Juan banned with those fake sock posts you make in his name davytard?

    What a dumbass. You should be careful idiot. All those fake posts you make under his name, if they ban ‘Juanp’, you’ll find yourself unable to post LOL. That would be a real treat now wouldnt it.

    So yea, keep it up dumbass!

  7. Davy on Mon, 7th Sep 2020 6:20 pm 

    Annoy, you are completely triggered dumbass. It is so satisfying that all you can think about in your low IQ mind when visiting this forum is me. You are mentally ill stalker.
    Welcome to hell prick!

  8. Rik on Mon, 7th Sep 2020 6:33 pm 

    Trump 2020.

  9. REAL Green on Mon, 7th Sep 2020 6:48 pm 

    Whats hell prick meen Davy?

  10. the board on Mon, 7th Sep 2020 7:04 pm 

    JuanP on Mon, 7th Sep 2020 6:48 pm

    “Whats hell prick meen Davy?”

    JuanP is the definition of prick

  11. Duncan Idaho on Mon, 7th Sep 2020 7:13 pm 

    “uselessly vague, sharply vindictive and absurdly self-aggrandizing”

    The Fat Boy on a good day

  12. why whitey supertard atheistic scientific supremacist thunderfoot still on youtube this whitey supertard went on self imposed quarantine first week fo convict-19 and i said it smellz on Mon, 7th Sep 2020 7:20 pm 

    ask ursel fi someone speak high british english exclusively is he a muzzie lover
    of course he is

    amputation now amputation then amputation forever

  13. zero juan on Mon, 7th Sep 2020 7:23 pm 

    The lunatic juanPPee:

    why whitey supertard atheistic scientific supremacist thunderfoot still on youtube this whitey supertard went on self imposed quarantine first week fo convict-19 and i said it smellz said ask ursel fi someone speak high british english ex…

    Rik said Trump 2020.

  14. supertar annoy why u bothering supertard u need to lick his finger as commanded for muzzies on Mon, 7th Sep 2020 7:24 pm 

    we’re all muzzies and muzzie slover her
    in teh famouser words of rodney king
    can we all just get along?

    pls respect supertard

  15. if u come to see supertard and hes not home and his italian wife is u need to suck her tits 5x so ure mother an son and that halah cuz wife cant be alone with a stranger and u cant be alone with a woman u not married to on Mon, 7th Sep 2020 7:26 pm 

    please lick supertard fingers we are all muzzies and muzzies lover here. we have to folllow muzzies law which never changes

    if u change it u can be killed

  16. superatrd Rik is a muzzie lover on Mon, 7th Sep 2020 7:28 pm 

    in the famous words of rodney king
    why can’t all muzzies and muzzies lover get along?

    oh the humanity

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