WTI was on my personal radar this week on account of the OPEC Joint Ministerial Committee Meeting as well as the US Energy Information Adminstration (EIA) report.
EIA eventually reported that crude oil inventories fell by 1.6mio barrels to 512.5 mio barrels for the week ending 14 August 2020.
Fresh out of the OPEC+ meeting, it was reported that mixed messages were sent. Although it was informed that oil demand could return to 97% of pre pandemic levels by the Q4 based on encouraging signs - however, the meeting's final communique warned that 'the pace of the demand recovery was slower than expected with “growing risks of a prolonged wave of Covid-19.”
تم التحرير 24 Aug 2020, 11:42
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