By Mark Rossano

Sections

• Introduction
• Overview of Frac Spread Activity in the U.S.
• A Quick Run Down of Builds Throughout the U.S. Complex
• Implied Demand will Struggle as Spending Patterns/ Exports/ Travel Change
• European Flows Struggle as Imports from the U.S. Lag and Trapped Cargoes Linger on the East Coast and in Africa
• Physical Crude Prices Have Surged Impacting Refinery Demand as Margins are Compressed
• Three Key Storage Locations Show the Pace has Slowed, But Builds Continue to Mount
• May/June Loading Trends are Supportive of Near-Term Pricing
• India Recovery will be Slow- Limiting Crude Coming Off the Water
• There is no spoon
• OPEC Countries Struggle Under the Weight of Weak Oil Prices and Low Volumes
• Global Debt and Weak Export/Shipping Debt Will Be a Huge Headwind
• Debt Levels Mount as Countries Announce New Stimulus Packages
• Geo-political Issues are Starting to Resurface as Countries Come Out of Lockdown