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• API Reports Large Draw in Crude Inventories
  The American Petroleum Institute (API) reported late Tuesday a huge draw in crude oil inventories...
  The American Petroleum Institute (API) reported late Tuesday a huge draw in crude oil inventories of 8.322 million barrels for the week ending July 10. The API reported a draw of 3.611 million barrels of gasoline for the week ending July 10—compared to last week’s 1.825-barrel draw.
  
  Analysts had predicted an inventory much smaller inventory draw of 2.275 million barrels.
  
  In the previous week, the API reported an increase in crude oil inventories of 2.048 million barrels, after analysts had predicted a larger build.
  
  Cushing inventories saw a build of 548,000 barrels.
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• Oil end higher as traders weigh uncertainty over next move for OPEC+
  Oil futures erased earlier losses to end higher on Tuesday, getting a boost from some...
  Oil futures erased earlier losses to end higher on Tuesday, getting a boost from some weakness in the U.S. dollar, as traders weighed uncertainty over the next move for OPEC+ on production levels, and a forecast for a weekly decline in U.S. supplies.
  
  Prices for oil remained vulnerable to losses in the wake of mounting tensions between the U.S. and China, as well as a continued rise in COVID-19 infections in the U.S. and elsewhere — both of which can hurt energy demand.
  
  West Texas Intermediate crude for August delivery on the New York Mercantile Exchange rose 19 cents or 0.5%, to settle at $40.29 a barrel after trading as low as $39.07.
  
  September Brent crude the global benchmark, climbed by 18 cents or 0.4% at $42.90 on ICE Futures Europe.
  
  Source: MarketWatch
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• Gasoline prices, demand slip as coronavirus cases rise
  The average price of a gallon of gasoline in Houston was $1.80, about 4 cents higher than a month...
  The average price of a gallon of gasoline in Houston was $1.80, about 4 cents higher than a month ago, but 67 cents lower than a year ago. Nationally,  gasoline prices averaged $2.19 a gallon, up a penny from last week and 9 cents from a month ago. Over the year, however, the national average has fallen 61 cents a gallon.
  
  "Gasoline demand continues to struggle as of late, hitting some mid-summer blues as coronavirus cases continue to see upward movement in more states," said Patrick De Haan, head of petroleum analysis for GasBuddy.
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• Oil and gas industry facing ‘one of the greatest challenges,’ report says
  The oil and gas industry faces a challenging second half of the year as many countries...

  The oil and gas industry faces a challenging second half of the year as many countries around the world are still grappling with the coronavirus pandemic, according to a new report.

  
  

  Energy companies are continuing to cut costs and defer new drilling, according to the report by U.K. financial services firm Deloitte, as coronavirus cases rise to record levels in the U.S., slowing petroleum demand and stifling the price of crude. The current drop in petroleum demand is four times larger than during the 2008 financial crisis and could take months or years to return to pre-pandemic levels, Deloitte said.

  
  

  “In an industry used to the highs and lows of economic and commodity price cycles, 2020 poses one of the greatest challenges to oil and gas companies since Colonel Edwin Drake struck oil in Titusville, Pa., in 1859,” Deloitte said in its midyear outlook published Monday.

  
  

  Source: Houston Chronicle

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• Crude Morning Outlook 7/14/20
  Early Nymex Crude is Trading 50-90 cents lower… The US Dollar Index is lower (96.40)...

  Early Nymex Crude is Trading 50-90 cents lower… The US Dollar Index is lower (96.40) and the Dow Jones Futures are steady/lower. Crude trading lower this AM after being under pressure most of yesterday on ideas OPEC could look to ease restrictions on production at their teleconference meeting this week. Most analyst feel any easing of restrictions before August could pressure prices as the original agreement calls for restrictions to remain in place through the end of July. The fear remains that COVID cases continue to rise and OPEC produces more. California is re-closing many venues which will once again curtail fuel demand. On the positive side China posted record crude oil imports with a 34% gain over the prior month which keeps the future more bright as it seems the US is trailing China by approx 2-3 months as far as COVID recovery. Technically August crude remains in a bullish structure with a corrective phase underway. Near term support is near the 37.08 area, a close below targets the 100 day mov avg(34.58). Major resistance sets at the chart gap 42.17. Caution is warranted as spec funds are still holding very large long positions.

  
  Source:  Bank of Oklahoma
  
  
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