Oil is trading down slightly this morning after two days of sharp losses. Concern around the pace of economic and demand recovery due to the coronavirus is the major driver moving prices this week. We are seeing a spike in coronavirus infections as the winter months approach and the forecast is for an accelerating rate […]
The week had several major factors driving the market this week. The one bullish factor was the reassurance by OPEC that they would continue to balance the market. Secretary General Barkindo of OPEC assured the market that OPEC would remain vigilant and would intercede to balance the market as necessary. Several bearish triggers drove the […]
On Wednesday, WTI crude followed US equities lower on a host of bearish news. Losses continue this morning on failing confidence of economic recovery due to a resurgence on coronavirus cases in the US and Europe. France and Germany are instituting a second wave of lockdowns to stem the rising tide of infections in their […]
Hurricane Zeta has strengthened to a Category 1 Hurricane as it travels toward the Gulf Coast. Heavy wind, rain, and storm surge 5-8 feet over normal tide levels are expected to hit the coast by this afternoon. The storm is south-southwest of the mouth of the Mississippi river with sustained winds of 75 mph. Zeta is moving […]
On Tuesday, WTI crude rose on the news of Hurricane Zeta making its way through the Gulf and shutting in production. This morning, however, the market is dropping sharply on bearish inventory news from the API late yesterday. A number of bearish triggers are driving the market lower this morning: The fear of slowing demand […]
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 […]
Crude closed down over 3% on Monday, following US equities lower as traders wrestled with rising numbers of coronavirus cases as well as the diminishing possibility of a US stimulus deal before the election. Crude is trading higher this morning as the storm churning in the Gulf is temporarily shutting in supply. Gulf of Mexico […]
Tropical Storm Zeta is currently southeast of Cozumel, Mexico. It has sustained winds of up to 70 mph and is expected to strengthen into a hurricane as it moves northwest. The storm is expected to make landfall along the US Gulf Coast on Wednesday at or near hurricane strength. Like many other storms this year, […]
Markets are slipping this morning as coronavirus cases continue mounting worldwide. Both the US and European countries are setting new records for number of new cases reported, which adds to concerns that lockdowns will be required heading into the winter. European countries including Spain, Italy, France, the UK, and Ireland have all tightened restrictions over […]
Oil prices are rising this morning despite rising coronavirus cases worldwide. Russia declared they would be willing to maintain deeper production cuts in 2021 if required, though they left open the question of what will be required. Looking ahead, Goldman Sachs reiterated its bullish stance on oil prices in 2021, with rising inflation and a […]
