Oil Just Plunged To A $48 Handle After Survey Suggests OPEC Output Jumped In July

Tyler Durden's picture

Extending losses from Goldman's overnight report noting the minimal impact of Venezuelan sanctions, WTI crude just crashed below $49 on heavy volume after Bloomberg reports that a survey suggests that OPEC's July oil output rose by 210K to 32.87mmb/d, led by growth in Libya who upped production by 180Kb/d to the highest since June 2013.

The recovery of crude production from Libya is undermining OPEC’s efforts to curb its output as the African nation pumps unabated.

 

Total crude production from the Organization of Petroleum Exporting Countries in July rose 210,000 barrels a day from June to reach 32.87 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.

 

Libya -- which along with Nigeria is exempt from making cuts as it seeks to restore output lost to internal strife -- led those gains, adding 180,000 barrels a day. Production rose to 1.02 million barrels a day, the highest level since June 2013, according to data compiled by Bloomberg.

Not exactly confirming the "market is rebalancing" narrative...

The S&P 500 desperately tried to ignore crude's early weakness but this recent move is dragging stocks lower...

The $50-level is “a psychological level. People are really beginning to realize that the market probably needs a steady beat of bullish information to continue to rally,” Gene McGillian, market research manager at Tradition Energy, says to Bloomberg. “If we don’t get a really positive inventory report this week, the market is vulnerable to a nice little turnaround” after rallying the last couple of weeks

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NoWayJose's picture

More 'fake' news from oil bears? Curiously timed with a Goldman call?

spastic_colon's picture

cant let oil get to high; all that gas savings has to be spent elsewhere................

Déjà view's picture

Odd...some are trying their best to push oil above $50/b...output has remained above demand for quite some time.
Like watching a tennis match...pain in the neck!

abyssinian's picture

quickly buy more oil, Opec just said they will make sure production cut for the 20th times this month.. 

OpTwoMistic's picture

Still paying 48 for $30  oil?

Too-Big-to-Bail's picture

All your oil are belong to us

Rebelrebel7's picture

I'm sure that North Korea would be happy to purchase oil from Venezuela!

It is no coincidence that 2 countries without privately owned Central banks, who refuse to join  the World Bank, BIS, IMF, and WTO are under merciless attack!

It has absolutely nothing to do with capitalism, as witnessed by our China doll and Scandalnavia!

Epimetheus's picture

Fasanara Capital: This Is The Bear Case For Oil
http://www.zerohedge.com/news/2017-03-13/fasanara-capital-bear-case-oil

Saudi Arabia To Trim Oil Exports To US To Force Inventories Lower
http://www.zerohedge.com/news/2017-05-27/saudi-arabia-trim-oil-exports-u...

WTI Plunges To 7-Month Lows - Enters Bear Market As HY Bonds Crater
http://www.zerohedge.com/news/2017-06-20/wti-plunges-42-handle-7-month-l...

READ YOUR OWN ARTICLES. recent really? was it a short squeeze done by house of saud to send shale into chaos??

FreeShitter's picture

We fucked some folks...

Catahoula's picture

We've been fucked by some folks

order66's picture

Lying Arabs. Whoda thunk?

spastic_colon's picture

"The S&P 500 desperately tried to ignore crude's early weakness but this recent move is dragging stocks lower..."

lower than what??

Seasmoke's picture

50 ...49...48....47...46.....45...44/45.....46...47.....48....49....50/51...50.....49....48.....47.....46.....45...44/45

FreeNewEnergy's picture

The only asset in available in moar quantity than oil is cash. Plenty of FRNs floating around. Since they're worth ~0, oil should approach the same number.

Wonder how much silver you'd need to buy a gallon or kilo of gas. In the US, currently, less than an ounce. Elsewhere, YMMV.

Adam Smith used to look at the price of wheat in terms of silver to determine inflation/deflation. Today, it could be price of oil/gas in silver. Looks like serious deflation in the works.

Fed and other central banks are in denial, and that is not a river in Egypt, BITCHEZ!

Catahoula's picture

Low or no growth means low oil. The world is awash in oil. Remember the peak oil lies??? Lol

Squid Viscous's picture

how the fuck is Chevron still up $1.20 ... they sell gasoline right?

oh I forgot the Dow propaganda index has to be up 100 every day now,

sorry for asking a stupid question