{"id":68413,"date":"2024-05-28T08:03:03","date_gmt":"2024-05-28T13:03:03","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68413"},"modified":"2024-05-28T08:03:03","modified_gmt":"2024-05-28T13:03:03","slug":"oils-fate-hinges-on-opec-hanging-tough","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68413","title":{"rendered":"Oil’s Fate Hinges On OPEC+ Hanging Tough"},"content":{"rendered":"
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Oil’s Fate Hinges On OPEC+ Hanging Tough<\/a><\/h3>\n<\/header>\n
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The global oil market is in OPEC+ walk-up mode.<\/strong><\/p>\n

That should keep prices supported this week ahead of the (now online) gaggle, which falls on June 2.<\/p>\n

After that, price direction hinges on the immediate fallout from the\u00a0meeting, plus bets about the market\u2019s 2H trajectory.<\/p>\n

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Conventional wisdom points to an\u00a0extension\u00a0of the cartel\u2019s current curbs,\u00a0<\/strong>especially as weakening near-term timespreads suggest that physical conditions aren\u2019t quite as tight as they have been of late.<\/p>\n

Bloomberg\u2019s Grant Smith, a well-seasoned OPEC+ watcher, leans that way, and that looks to be a\u00a0sound call.<\/p>\n

The existing reductions amount to ~2 million bpd, and the tap-tightening has contributed to a growing volume of unused capacity\u00a0<\/strong>\u2014 a theme that may get an airing.<\/p>\n

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Crude\u2019s sentiment this week will also be\u00a0shaped by indications of just how strong Memorial Day weekend demand has proved to be in the US\u00a0<\/strong>as the country embraces the start of the traditional driving season and takes to the roads (and skies).<\/p>\n

Early signs have pointed to a solid showing, both on the\u00a0highways\u00a0<\/a>and in the\u00a0skyways<\/a>.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil’s Fate Hinges On OPEC+ Hanging Tough The global oil market is in OPEC+ walk-up mode. That should keep prices supported this week ahead of the (now online) gaggle, which falls on June 2. After that, price direction hinges on the immediate fallout from the\u00a0meeting, plus bets about the market\u2019s 2H trajectory. Conventional wisdom points […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[31065,33938,588,2245],"class_list":["post-68413","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bloomberg-markets-live","tag-jake-lloyd-smith","tag-oil","tag-oil-market"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68413"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68413\/revisions"}],"predecessor-version":[{"id":68414,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68413\/revisions\/68414"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}