This update highlights highly important developments in the global economy in regards to recession and in the oil markets pertaining to the demand and supply dynamics.
1. Monday Macro View: Recession Indicators and Market Dynamics – PREMIUM
The risk of recession may appear diminished in recent economic forecasts, but the market’s optimism may be premature. Despite Wall Street economists predicting a drop to sub-1% growth earlier this year, the data presents a more nuanced reality. Notably, multiple indicators with a strong track record of forecasting recessions are still flashing warnings.
2. NOV’s Perspective in Q1: Key Takeaways – PREMIUM
In 2024, NOV’s management expects US energy activities to remain soft, followed by a natural gas export-led recovery. However, international and offshore activity will lead to the charge as US activities lack the punch. This article provides a deep dive into the industry outlook – must read by Avik Chowdry.
3. Primary Vision Insights – ENTERPRISE
The crude markets weakened further driven by the overhang of excess supply in the physical market. The overhang in the light, sweet market will result in more U.S. crude getting stuck on the coast. Crude continued to build driven by PADD 3. The biggest issue will remain on the economic side with consumers staying weak and/or weakening further around the world. Read more about global oil markets and economy in this must read by Mark Rossano!
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