Crude rally seen despite short-term uncertainty
BPX Energy’s Grand Slam, an electrified central oil, gas, and water handling facility that reduces operational emissions at the Permian Basin, in Angeles. The Permian Basin alone is producing more than all of Iraq, helping address lingering supply-side concerns.Those betting that momentum in the world’s leading economies will drive oil prices higher may be disappointed, analysts said, though recent market volatility points to uncertain times.
U.S. crude oil production, meanwhile, is seeing a decline in the rate of growth, but production trends are still elevated. The Permian Basin alone is producing more than all of Iraq, data in a recent drilling productivity report show, helping to address lingering supply-side concerns. China warned June 15 of mounting pressure in the economy, however. Despite nearly six months of analysts waiting for China’s economy to rebound from the pandemic, economists at the Organization of the Petroleum Exporting Countries have left their forecast for Chinese growth unchanged at 5.2 percent since February.
On the broader economy, market watchers will get plenty of clues about the direction of the U.S. economy this week from the various podium appearances from officials at the Federal Reserve. Cleveland Fed President Loretta Mester has two speaking engagements, while Federal Reserve Chair Jerome Powell testifies before the Senate on Thursday.
“Bottom line: world oil demand will hit a new record this year and the supply outlook remains tight for the second half of the year,” he said.
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