FAST FIVE: WTI Slumps As Postponed OPEC Conference Trumps Crude Inventory Surprise
Oil production growth took a small breather last week after a magnitude 7 earthquake in Alaska struck on Friday, affecting oil producing and transportation assets in the region.
Alyeska Pipeline Service shut the 800-mile Trans Alaska Pipeline System for seven hours while Hilcorp Energy temporarily shut some of its operations, which include oil platforms in Cook Inlet.
WTI traded between $50.50 and $51 as we moved into the DOE data (as OPEC pessimism dominated after Saudi Arabia's energy minister backed a smaller-than-expected supply cut) then right before the data, this headline hit – *OPEC WON'T HOLD PRESS CONFERENCE AFTER MEETING TODAY: DELEGATE.
Finally, here is Bloomberg's latest summary of where things are in Vienna: For now, closed-door talks among the ministers are still ongoing OPEC may propose a production cut of 1 million barrels a day and seek extra contributions from Russia and other non-OPEC members But there appears to be sticking points.
OPEC won't hold a press conference after its closed-door meeting ends Thursday in Vienna, a spokesman for the organization says.