Oil Demand Could Exceed Pre-Crisis Levels

Coming off a long weekend, oil is climbing to fresh highs this morning as positive sentiment endures. The market continues with the mantra “no news is good news” – another day without a major uptick in COVID-19 cases and no unexpectedly low economic data constitutes a win.   The IEA’s Executive Director commented this weekend that low oil prices could drive demand […]

Markets Fall as China Abandons GDP Forecast

The oil complex is pulling back this morning after posting sizable gains throughout the week. Heading into a long weekend, traders are taking their gains and exiting the market. Uncertainty regarding updates in China is also leading the market to take a cautious approach. The Chinese economy, once the centerpiece of the COVID-19 debacle, is […]

US-China Tensions Flare as World Returns to Normal

While oil markets are closely monitoring the return to normalcy for demand, equity markets are turning their attention to US-China tensions, which have continued escalating in recent days. Ths US has been ramping up its military presence in the Indo-Pacific region, conducting training exercises throughout the region and issuing provocative statements of America’s ability to […]

US Rig Count Hits Record Low

Oil prices are moving quietly higher after posting the second consecutive weekly gain on Friday.  This morning, Saudi Arabia announced plans to unilaterally cut production by an additional 1 MMbpd beyond their committed cuts, which is giving markets some strength. The additional cuts will bring Saudi Arabia’s output to just 7.5 MMbpd, a huge cut […]

Oil Demand May Exceed Supply in May

A rush of enthusiasm saw crude prices rocket well over $26/bbl, but the rally was short-lived, and the market closed slightly in the red. This morning, most products are posting in the black, though gasoline is lagging the market. Goldman Sachs recently forecast that demand could exceed supply by the end of May, thanks mainly […]

Oil Up 15% as US Demand Shows Upward Trend

Oil markets are on track to set a multi-month record with a 5-day up streak if current trends hold. With the OPEC+ price war in the rearview mirror, markets are more comfortable bidding up prices despite weak demand. Inventory builds this week are expected to be smaller than recent builds, and demand seems to be […]

Trump to Cut China Out of US Supply Chains

After the first weekly gains in a month, oil markets are still rising despite the latest news on COVID-19. This week, that news is less about health than about politics. Last week, President Trump threatened to impose tariffs on China as punishment for allegedly hiding early information on the COVID-19 threat. This week, the aggressive […]

Sentiment Improves as States Reopen, Congress Passes Stimulus

Sentiments are broadly improving across the market, as COVID-19 cases in most countries appear to have peaked and moved into remission. Now on the other side of the curve, many European countries and American states are looking at reopening their economy in a slow, measured way to aid suffering businesses. At the forefront, Georgia is […]

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.

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