Oil prices began to slip Wednesday amid increases in COVID-19 cases and the possible return of Libyan oil production, which has been extremely low since the beginning of 2020. “Attempts to push prices higher are capped by growing concerns about the second cycle of the coronavirus or the inability to contain the current one,” Tamas Varga of oil brokerage PVM said, according to a story from BusinessDay. BULLISH EIA REPORT: Total products supplied over the last four-week period ending June 26 averaged 17.6M barrels a day, down by 15.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.2M barrels a day, down by 15% from the same period last year. Distillate fuel product supplied averaged 3.5M barrels a day more than the past four weeks, down by 13.1% from the same period last year. Jet fuel product supplied was down 60% compared with the same four-week period last year. EXXON, PEERS FACES CLIMATE PRESSURE: According to a Bloomberg story, U.S. oil majors like Exxon Mobil (XOM) and Chevron (CVX) “are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the COVID-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels.” PRICE ACTION: Shares of BP (BP), Chevron, ConocoPhillips (COP), Exxon Mobil, Royal Dutch Shell (RDS.A), Total (TOT), and Phillips 66 PSX) are under pressure in late-day trading.
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