"Oil, Gasoline, Fall on Record European Industrial Output Drop"
Crude oil and gasoline fell for the first time in four days as a record plunge in European industrial production prompted speculation that bets on an economic recovery are premature. Futures dropped from a seven month high after a report showed that output in the euro region declined 21.6 percent from a year earlier. The dollar strengthened, undermining the attractiveness of commodities as an alternative investment. OPEC said members raised production in May for a second month, straying further from quotas.....Complete Story
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"OPEC: Worst Appears Over As Quarterly Demand Seen Growing"
The Organization of Petroleum Exporting Countries said the worst may be over for oil markets, slightly upgrading its third quarter demand forecast as Asian appetite restores quarterly growth after months of decline. In its June report, OPEC said, "In light of the considerable challenges the world economy and commodity markets, particularly the oil market, have undergone, the worst appears to be behind us."
It added that a "gradual recovery in demand is expected by the end of the year," with third quarter.....Complete Story
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"U.S. Marginal Producers Hurt After Oil’s Drop, Bernstein Says"
U.S. onshore marginal oil and natural gas producers are still suffering after prices fell below their break even level, Sanford C. Bernstein & Co. said. Between November and May, oil averaged $48 a barrel, around break even points for marginal producers, while gas prices are still too low to cover outlays, Bernstein said in a report dated today. “This means that declines in onshore U.S. production from shut ins and accelerated decline rates will continue for some time, despite the oil price having recovered.....Complete Story
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