Mid-Week Review – October 28, 2020
Five Themes to Watch Among Oil Majors
Six months on from crude’s era-defining price crash, Big Oil is suffering from whiplash. Prices may have stabilized around $40 a barrel after OPEC+ curbed supply. But the coronavirus is surging through Europe once again and the twin safety nets for majors in previous downturns — refining and trading — have come under severe pressure as consumers stay home. Click here to read more from Rigzone.
Crude Oil Price Forecast – Crude Oil Continues to Look Vulnerable
The West Texas Intermediate Crude Oil market has tried to rally initially during the trading session but has given up a lot of the gains to show signs of exhaustion yet again. Ultimately, I think that the market is going to go down towards the bottom of the range that it has been in, which means that we could go as low as $36.25. Click here to read more from FXEmpire.
No Debate, Most Oil Shale Is Doomed
Over the next decade, we will see oil demand reach its 2019 highs again, but then flatten and fall before the end of the decade. This spells doom for most oil shale drillers as they are heavily leveraged and sitting on second or third best “rock.” Click here to read more from Seeking Alpha.
Oil Prices Rise As Another Storm Rocks U.S. Gulf Coast
Hurricane Zeta will be the 11th hurricane this season to hit the Gulf. It hit Mexico on Monday night, and is expected to hit the U.S. coast by Wednesday, with warnings issued from Louisiana to Florida. Oil companies are preemptively evacuating platforms. Click here to read more from Oilprice.com.
This article is part of Daily Market News & Insights
Tagged: API, coronavirus, election, inventory, opec
MARKET CONDITION REPORT - DISCLAIMER
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
