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Saudi oil output rose 330K B/D in June to 10.3M B/D.
The biggest Saudi oil surge in 5 years, BUT OPEC total production in June rose by 30K barrels per day to 31.83M B/D meaning its all KSASaudi cabinet statement
Affirms the readiness of the Kingdom to use its spare production capacity if needed
Would use spare production to deal with any future variations in demand and supply in coordination with other oil producing countriesWTI crude is up to 74.81 today there is no fear of an increase in supply by the risk takers with the august/Sept the many affect – Syncrude holding up the front for now.
.From Genscape on Syncrude
On June 20, the 350 Mb/d Syncrude Upgrader experienced a power trip on a transformer forcing the production facility to shut, according to a company spokesman statement. A Suncor company spokesman said the project will be shut through July at least and they are performing a comprehensive assessment of when the site will return to service. Outside of this, the company communicated very little information. Rumored reports of a 92 percent cut to production for July recently circulated, which falls in line with the production impact the hydrotreater fire had last year.
News of the shutdown rippled across North America and global markets as the project represents approximately 8 percent of total Canadian oil production. While the impact is still unfolding, the unplanned shutdown of the facility last year gives us a few hypothetical scenarios to look at with the little information currently available.
https://www.genscape.com/blog/syncrude-outage-impacts-canadian-takeaway-capacity
KnovaWave @KnovaWave
Fundamentally 2 instigators for the impulse down
1. Syncrude facility in Alberta could come back online next week – expected out all July.
2, Rerun of Saudi Pumping headlinesTake you pick – was into 5 and monthly channel top and record low shorts so – the edge was there …
The latest from Pres Trump @realDonaldTrump on oil, OPEC, gas prices
The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!
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