Geopolitical Tensions Put A Floor Under Oil Prices

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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

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