You could have been away for a summer break any time over the past three weeks and come back to find benchmark crude prices just where you left them. Low price volatility can be good for the consumer in general, but not if it is the calm before the storm. OPEC, despite its epic efforts to actively manage the oil market into equilibrium after three years of oversupply and growing inventories, may have been forced into a stalemate. While Brent is clinging on to the lower end of OPEC’s desired $50-60/barrel range, the top end seems to be slipping out of reach, even as the risk of a slide towards $40 grows. US production growth does not show any signs of slowing down, the latest EIA data shows, the deceleration in new rig deployments notwithstanding. Together with the supply growth from Libya and Nigeria, it is wiping out 94% of the pledged OPEC/non-OPEC cuts.
Crude has been stuck in a tug of war between equally compelling bullish and bearish signals for the past few weeks. This week’s reports showing another big drawdown in US crude inventories, neatly counterbalanced by a smart jump in the country’s crude production, further locked prices in a tight range, leaving Brent hovering around $50-51/barrel and WTI around $47-48/barrel.
What should be worrying about this seeming impasse for OPEC is that there is also a clear downside bias to crude, as a continued decline in US crude stocks at the feverish pace seen since April this year looks unlikely beyond the summer peak demand season, while expectations of a persistent global supply glut have taken a firm hold.
It is hard to fathom the possibility of the market rebalancing while almost 94% of the 1.72 million b/d of pledged OPEC/non-OPEC production cuts are being wiped out by increases from the US, Libya and Nigeria. And the higher end of OPEC’s target range of $50-60 has begun to look remote.
OPEC has been pushed into a corner and could well remain there for as long as it opts to play the waiting game — believing that it is only a matter of time before OECD
inventories drop down to their five-year average level. OECD oil stocks, aggregate of crude and refined products, declined by an average of 200,000 b/d in the second quarter, according to the International Energy Agency’s latest estimates. At this rate, the surplus at the end of June to the current five year average — pegged at 219 million barrels by the IEA— would take three years to mop up, not accounting for changes in the moving five-year average. That is a long time in the oil market.
Meanwhile, the short-term view on oil consumption growth helping erode excess inventories has also soured, as we approach the end of the summer holiday travel-induced bump in gasoline, diesel and jet fuel demand across the globe. A second successive weekly build in US gasoline stockpiles, even if a modest one, and a 275,000 b/d or 2.8% dive in gasoline consumption in the week to August 11 drove home that realisation, capping crude’s gains from the massive 8.95 million-barrel draw in the country’s crude stocks.
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Funko Action Figuresare a popular collectible toy that is now being incorporated into the workplace to motivate employees. The action figures have been used as an alternative to the traditional desk calendar or as a prize for top performers. With this type of incentive, employers can expect their employees to feel more motivated and productive.
Many employers have found that Funko Action Figures are a great way to motivate their employees and provide incentives for high performance at work. Funko Action Figures are a popular collectible toy that is now incorporated into the workplace. These small collectibles are given to employees to motivate them. Funko figures were once only available at comic book stores, but now they are being used in offices for this purpose.
The company is called Zappos and they first introduced this idea back in 2009. They gave these figurines to their employees as a way of motivating and rewarding them for their hard work and dedication. Although it’s not very clear why the action figures themselves motivate people, we can see that it has been working well for Zappos as they have continued to use it since 2009. These soft-bodied vinyl figures, often called "Pop!" Figures were originally conceived by Mike Becker and founded by Alan Becker.
The Funko Pop! Action Figure is a line of collectible toys produced by the company Funko LLC. They are typically stylized vinyl figures depicting characters from various media and entertainment. First introduced to the public in 2005, the company was originally founded as a bobblehead company in 1998 and became popular through distribution at chain retailers such as Walmart and Target. The first wave of Funko Pops was based on Disney properties like Mickey Mouse as well as other popular culture icons such as Conan O’Brien and Catwoman.
Funko Action Figures are collectible figurines that often depict pop culture characters. They are often used in the office to motivate employees and provide a sense of community. Funko has established itself as a major player in the toy industry with its trademarked Pop! vinyl figures. This company is taking on new ventures like collecting by introducing Funko Action Figures, for example, Boba Fett from the Star Wars movies. This type of product is sometimes called a 'blind box' because you don't know which figure you're getting until you open it. The Boston-based company, BuzzFeed, has introduced this type of toy into their office to help with team building and morale. The employees at this company seem to have a lot of fun with them.
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It is important to know where to gun parts from. There are many places you can buy them from, but it is important to choose the right place so that you get the best quality and service. There are many places where you can buy gun parts from. You can buy them from gun stores, online retailers, and even at a flea market.
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