Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (105049)	4/2/2021 8:24:50 AM
From: Goose94	Read Replies (1) \| Respond to of 203397

Crude Oil: WTI for May delivery added $2.29 to $61.45 on the New York Merc, while Brent for June added $2.12 to $64.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.30 to WTI, unchanged. Natural gas for May added three cents to $2.64. The TSX energy index added 3.76 points to close at 120.48. Oil prices rose in spite of a surprise decision by OPEC+ to increase oil production over the next three months. The group has been restricting its production by about eight million barrels a day, with Saudi Arabia voluntarily cutting its own production by an extra one million barrels a day. Today the group held a meeting to discuss easing the restrictions. As of this writing, the results of the meeting are not on OPEC's website, but a source told CNN that OPEC+ has decided to increase output by 350,000 barrels a day in May, then another 350,000 barrels a day in June and then about 440,000 barrels a day in July. Saudi Arabia will gradually unwind its voluntary cuts and eliminate them by the end of July. The news came as a surprise to analysts who had been expecting OPEC+ to roll over the existing cuts, given its recent downward revision to its 2021 oil demand forecast. As noted in yesterday's Energy Summary, the group is now expecting global oil demand to rise by just 5.6 million barrels a day in 2021 (relative to 2020), which is more bearish than its previous forecast of 5.89 million. Analysts took the downgrade to mean that OPEC+ would delay boosting production. Yet "research and actual market decisions don't always go together," Rystad analyst Louise Dickson told CNN. She pointed out that several OPEC+ countries have oil-reliant budgets and have been "itching to boost their output." Business Reporter