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OIL: Crude has extended on Monday's rally during Asia-Pac trade, with WTI &
Brent both over $1.00 better off vs. their respective settlement levels. A
reminder that Monday saw reports pointing to a Genscape estimate which suggested
that stocks of oil at the Cushing hub will see the lowest weekly increase since
mid-March. Meanwhile, Canada's Enbridge reportedly came to a temporary
arrangement with shippers which will allow the storage of oil in its pipelines.
- Monday also saw Energy Intelligence sources discuss the global production
pact, noting "there are legitimate questions about compliance, given the poor
track record of countries like Russia, Iraq, Kazakhstan & Nigeria in sticking to
their assigned quotas... But officials from participating countries are hoping
that the severity of the current slump in oil demand, and the accompanying sharp
drop in prices, will strengthen their resolve to stand by the deal struck last
month, as well as peer pressure & the desire to set a positive example."
- Finally, Texas Railroad Commissioner Sitton officially scrapped the idea of
mandated oil production cuts within the state on Monday (although real hopes of
such a move largely evaporated around Thursday of last week).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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