US Adds 1.8 MM Jobs, Iraq Cuts Production – Markets Still Down

Oil prices are at a standstill this morning, continuing to slide back after reaching the highest crude oil price since early March. Much of the oil rally can be attributed to a falling dollar, so today’s small uptick in dollar strength is putting pressure on oil. Outside of the dollar, though, today’s news seems generally […]

OPEC Boosts Output as US Enters “New Phase” of Coronavirus

After extending historic 9.7 MMbpd cuts through July, OPEC+ is now slowly unwinding its production cuts, moving to 7.7 MMbpd. That level will hold through December, downshifting again in January to 5.8 MMbpd. With global oil demand still well below normal levels and coronavirus cases rising around the world, many see the increase as a […]

US Dollar Provides Oil Tailwinds

Oil prices slid by $1.35 yesterday (-3.3%) after the US Commerce Department reported the largest single-quarter GDP drop in history: -32.9% on an annualized basis. The news was not a surprise (CNBC reports that markets were expecting a 34.7%) drop, but it still cast shadows over traders by highlighting just how dismal the economy has […]

Iran Fires Missiles at Mock US Carrier

After moderate losses during yesterday’s trading session, oil prices are recovering slightly, supported by surprising oil inventory data from the API. While economic stimulus remains the critical story of the day, markets are also eyeing geopolitical unrest in some areas of the world. In the Middle East, Iran appears to have built a replica aircraft […]

Mid-Week Review – July 29, 2020

End Game for Oil Somare speculating that oil demand may never recover to pre-COVID levels. If that’s the case, a lot of OPEC nations, reliant on exports to fill government coffers, may be in trouble. Click here to read from Reuters how the group is coping with declining oil demand.   Infrastructure: The Next Big […]

Stimulus and Fed Meeting Will Dictate Week’s Trading

Oil markets are seeing light activity this morning following Friday’s news of the first weekly increase in US oil rig counts since March. The US economy is in focus for oil markets today, as two major releases are expected this week. First, Senate Republicans today will unveil their latest economic stimulus package, which most expect […]

US-China Tensions Flare, Tropical Storms Forming

Oil prices are trading sideways this morning to close out a relatively uneventful week, at least from a pricing standpoint. Thursday saw prices turn lower across financial markets amid continued coronavirus fears. In geopolitical news, China has forced the closure of a US consulate in Chengdu, after America demanded the country close its Houston consulate. […]

M&A Insights – Oil Major Announces $5B Acquisition

Oil markets seem to be meandering lower this morning on little fresh market news. Following historic lows in April, markets seemed to interpret the lack of news as bullish – anything was better than the detrimental events in the rearview mirror. Now that markets have recovered to more “normal” levels, it’s harder to maintain momentum. […]

Fuel Demand Anywhere Affects Prices Everywhere

After hitting a four-month high earlier this week, oil markets are dropping again following worldwide reports of sinking demand. In the US, gasoline demand has slowly climbed back to near-normal, but improvements have decelerated. In areas with low infection rate, demand has roughly normalized, meaning further gains won’t come until high-infection areas can also reopen. […]

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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