By Tom Kool
Geopolitical tensions and OPEC+ cuts appear to have put a floor under oil prices, countering fears of a global economic recession
Chart of the Week
U.S. oil production continues to break records, surpassing 12 mb/d in April for the first time on a monthly basis.
The soaring production gains over the last few years came overwhelmingly from Texas. Production in Texas stood just shy of 5 mb/d in April, while U.S. offshore hit nearly 2 mb/d.
Texas has added 1.1 mb/d of new supply since the start of 2018.
Market Movers
Pioneer Natural Resources (NYSE: PXD) was cut to hold from buy by SunTrust Robinson, with its price target cut from $205 to $160 per share.
ExxonMobil (NYSE: XOM) said it could restart its Baytown refinery complex this week, following a period of maintenance.
Enterprise Products Partners (NYSE: EPD) plans to increase the capacity to load liquefied petroleum gas, polymer grade propylene, and crude oil from its facility on the Houston Ship Channel.
Crude Oil
