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Solid, if holiday shortened, week last week.
Over the weekend OPEC+ moved to increase volumes for August from the eight OPEC+ countries involved in additional voluntary curtailments by a larger than recent increment of 0.548 mm bopd, the equivalent of 4 months of previously planned de-curtailment (vs 0.411 mm bopd last month (3 months of the original plan) with OPEC noting healthy market fundamentals. After the announcement, Saudi edged up premiums to Asia and the U.S., generally not a move they make into soft demand.
Meanwhile, as of last week, U.S. oil-directed drilling rigs and the average active frac spread counts tapped fresh cycle lows.
The INVEST, FLEX, and YIELD Portfolios are up to date.
Questions under The Wrap will be addressed in the Monday post.
Questions about the site should be sent to zmanalpha@gmail.com.
