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Canada Remains Biggest Energy Supplier To The U.S.

Canada is the top energy trade partner of the United States and was the largest source of American energy imports last year, the U.S. Energy Information Administration (EIA) said on Friday. According to the latest annual Standard International Trade Classification (SITC) data from the U.S. Census Bureau, the value of U.S. energy imports from Canada stood at ...

Source: Oilprice.com

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Unexpectedly Strong Jobs Report Sends Oil Soaring

U.S. West Texas Intermediate crude oil futures are trading at their highest levels of the week on Friday and inside the price gap created on March 9 when the market opened sharply lower, officially starting the coronavirus-related plunge. The price action strongly suggests the buying is getting stronger especially if traders fill the gap. The market was initially supported ...

Source: Oilprice.com

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The End Of Libya’s Civil War Is In Sight

As of Thursday, Libya’s Government of National Accord (GNA) was celebrating in the streets after claiming to have taken full control of Tripoli from General Haftar and his Libyan National Army (LNA). The celebration comes after a string of territorial losses by Haftar at the hand of the GNA and its Turkish allies. While Haftar’s allies (Russia, UAE, Egypt, among ...

Source: Oilprice.com

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A Strategy Shift In Energy Investing

This morning’s U.S. employment report was, I think, the most remarkable data release I have ever seen, at least relative to expectations. Non-farm payrolls, the number of jobs in the economy overall, were expected to drop by a massive number, over 8 million by most forecasts, but instead, they rose by around 2.5 million. A lot of very ...

Source: Oilprice.com

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OPEC+ Closes In On Output Cut Extension

OPEC+ is reportedly close to agreeing on an extension of the deep production cuts it signed up for in April, after the cartel’s leaders managed to convince Iraq of the continued need for oil production control, Bloomberg’s Javier Blas and Grant Smith write. There have been doubts about the future of the cuts because earlier reports said that Russia may ...

Source: Oilprice.com