Muted oil price gains on Monday show record output cuts by giant producers will still leave them with a mountain to climb to restore market balance, industry watchers said, with the coronavirus pandemic decimating demand just as stocks swell.
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant/File Photo
What’s more, governments in countries around the globe are considering extending travel and social lockdown measures that have sapped fuel use in order to prevent the coronavirus from spreading. G20 nations have been urged to help reduce the supply glut, but there was little detail on the outcome of Friday talks between energy ministers from the group and Saudi Arabia.
A veteran Singapore oil trader, who declined to be named due to company policy, pointed to inventory data as a key determining factor for future price trends.The next major focus for markets is watching for numbers from the U.S. Department of Energy on filling its strategic petroleum reserves with demand slumping, the trader said.
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