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Energy market updates

Release date:
30 April 2019
Highlights, insight and market commentary

Oil

July 2020

This update includes:

  • Brent is currently trading around $43/bbl, supported by OPEC+ production cuts, lower US crude supply and higher demand (relative to Apr-20 levels)
  • On 20th April, the WTI May-20 futures contract hit historic lows at -$37/bbl the day before expiry due to concerns around storage capacity
  • Global oil demand fell by a record 16.4mbd in 2Q20 as global travel restrictions were introduced to control the COVID-19 pandemic
  • The OPEC+ group installed unprecedented production cuts of 9.7mbd for May-Jul 2020, and 7.7mbd for Aug-Dec 2020

Previous market updates