Presidential Candidates Spar Over Energy Policy

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 […]

OPEC+ Meets amid String of Bearish Trends

Markets are mixed this morning as traders focus on rising COVID-19 cases and the resumption of Libya’s oil production. The demand outlook for this winter is becoming increasingly dismal, and the prospects of a US stimulus package passing before the election seem low. Oil markets are watching OPEC+’s meeting today for signs of any changes […]

EIA Reports Biggest Petroleum Draws in 18 Months

Prices whipsawed yesterday, plunging by a dollar early in the day before rising following the EIA’s bullish inventory report. By the end of the day, prices closed less than 10 cents off from Wednesday’s closing level. This morning, prices are trading slightly lower, with gasoline leading the way. The EIA’s weekly report showed a crude […]

3 Supply Sources To Watch This Week

Around the world, crude oil supplies are returning from temporary shutdowns, causing oil prices to shift lower once again after last week’s rally sent prices to a high of $41.19 on Thursday. Hurricane Delta has passed, allowing Gulf oil production to return to normal. The powerful storm shut down the most Gulf production since Hurricane […]

Norway Strike in Mediation, Eases Market

After a week of rallying prices, oil markets are taking a breather. Crude oil prices are pulling back slightly, and fuel prices are seen varying degrees of losses as well. The strike in Norway continues to escalate, becoming a surprisingly important global oil event. Protesters have warned that if no concessions are made on wages […]

White House Flip Flops on Stimulus Negotiations

WTI crude is down this morning after President Trump called for a halt to economic stimulus negotiations until after the election. This announcement came just hours after Fed Chairman Jerome Powell reiterated the need for more stimulus. This morning, Trump has changed his messaging again, saying he’s willing to sign a narrow deal that only […]

Strikes, Storms, Sickness, and Saudis – and Soaring Oil

Oil markets are continuing to rally this morning, with no particular catalyst for the rise. In fundamental news, Libya’s production has risen to 290 kbpd – nearly triple the level a few months ago, but well below their 1.2 million barrel per day capacity. A Norweigian oil worker strike is counteracting Libya’s added supply, though, […]

Trump’s Recovering – And Markets Are, Too

The market is springing higher this morning, erasing most of Friday’s losses on news that President Trump’s condition is improving. Markets sold off last week in a wave of uncertainty. Virtually every media source has turned to questioning how President Trump’s test would affect mandatory quarantines, the election, and even national security. This morning, reports […]

Are American Oil’s Best Days Behind It?

After moderate gains early this morning, the oil complex is trading sideways to open the new week. Most indicators from the weekend suggest higher prices for the week. The US Dollar is creating tailwinds for oil; after rising to the highest level since July last week, USD losses this morning are propping up commodity markets. […]

US Lost Net-Exporter Status in Q2, Regains in Q3

It’s a relatively calm day for oil markets – no new hurricanes, OPEC headlines, or COVID shockers. California did ban the sale of new fossil fuel-consuming cars after 2035, joining some European countries who have offered similar legislation, though the change is too far in the future to impact markets today. Given today’s quiet outlook, […]

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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