We're Not Out Of The Woods Yet -- May 27, 2020

API weekly crude oil inventory data:

• expectations: a draw of 2.5 million bbls
• actual: a whopping inventory build of almost 9 million bbls
• EIA data will be out tomorrow

Chevron announces job cuts of up to 15% -- Bloomberg;

Russia plans to start easing oil production cuts after the end of June --Bloomberg;
 
Europe's gas glut could hit global LNG market hard -- op-ed over at oilprice.com;

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On The Other Hand

Crude oil, Morgan Stanley, link here:

• global demand to get back to 97 million bopd by the end of the year
• forecasts $40 oil by the end of the year
• would be good for US shale; won't do a thing for Saudi;

Ukraine okays US LNG, Reuters, link here.

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Dam Failure in Michigan

Link here.

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Futures

Despite all that bad news (and maybe a little bit of good news), major market indices are surprisingly good.

At the moment, 9:56 p.m. CT, May 27, 2020:

• Dow: up almost 200 points
• NASDAQ: up 15 points
• S&P: up 11 points

All this after several great days for the market. 

Disclaimer: this is not an investment site.  Do not make any investment, financial, career, travel, job, or relationship decisions based on what you read here or think you may have read here.