JPMorgan’s Kemery Says OPEC Deal Extension Is Likely

The video discusses the gasoline market, focusing on refinery runs, demand trends, and price elasticity. It highlights the impact of potential gasoline taxes and examines refining margins and inventory levels. The discussion also covers OPEC's production cuts and their implications for the market, with a focus on inventory normalization and the role of Russia in extending production cuts.

What is one reason for the unexpected gasoline demand trends mentioned in the video?

• A decrease in public transportation usage

• A rise in electric vehicle sales

• A significant drop in crude oil prices

• Increased refinery runs above seasonal levels

How might a proposed gasoline tax affect consumer demand according to the video?

• It would lead to a rise in gasoline imports

• It could decrease demand if the tax is substantial

• It would have no impact on demand

• It would likely increase demand significantly

What is the primary goal of OPEC's production cuts as discussed in the video?

• Increasing market share

• Reducing competition from non-OPEC countries

• Inventory normalization

• Raising crude oil prices

What is the risk associated with the market's reaction to OPEC's potential extension of production cuts?

• The market will experience a supply shortage

• The market will see a significant price increase

• The market is fully priced in, leading to downside risk

• The market may not react at all

What was the initial duration of the production cuts agreed upon by OPEC and Russia?

• Twelve months

• Nine months

• Six months

• Three months