Crude oil demand returns faster than supply, increasing prices and reducing inventories

The price of U.S. benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020. Because of the economic effects, government and business responses, and personal travel changes caused by the COVID-19 pandemic in 2020, demand for crude oil and petroleum products declined rapidly, inventories increased, and prices fell.
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SynEnergy Partners LLC continues to monitor COVID-19 around the clock under the guidance of our Global Crisis and Regional Incident Management teams, and we have responded as a company with compassion for those who may be affected as well as an abundance of caution to limit the spread of the virus.

We are also taking measures to ensure business continuity remains unimpacted during this time.