Oil prices appear to be waiting for the presidential election before making any major moves, with prices falling due to rising Libyan oil production before climbing on positive news out of China Chart of the Week – Oil production outages have increased in 2020, cutting into global supply. – In 2020, oil disruptions have averaged 4.6 mb/d, reaching 5.2 mb/d at its deepest point in June. Outages averaged 3.1 mb/d in 2019. – Much of the increase in outages came from Libya, Venezuela and Iran. Supply “disruptions” does not include production shuttered because of economic reasons. Market Movers – ExxonMobil (NYSE: XOM) was upgraded by Goldman Sachs to a Neutral rating after the oil major’s shares have declined so significantly. The company’s headwinds are now priced in, Goldman says. – BP (NYSE: BP) launched production from a giant Oman gas field. – Hi-Crush (OTCMKTS: HCRSQ) , a prominent frac […]