Goldman Sachs Slashes Brent Target to $20

Yesterday, crude prices fell over 10% as markets considered how to account for the demand destruction caused by the coronavirus.  Both WTI and Brent crude fell below $30/bbl yesterday – to the lowest level in four years.  Equities also dropped more than 10% yesterday in a round of panic selling touched off by the Fed’s […]

Week in Review – March 13, 2020

The crude market experienced one of the worst downturns since 2008 this week.  The major news moving markets was the beginning of the oil price wars between Russia and Saudi Arabia, causing the largest single day drop (over 20%) since the 1991 Gulf War.  News of Saudi Arabia’s plans to pump 25% more crude next […]

Travel Ban from Europe

Crude followed equities lower yesterday on continued news of the spreading coronavirus.  The World Health Organization has officially labeled the situation a pandemic. Downward pressure continued with crude prices falling overnight after President Trump said the US would restrict all travel from Europe for the next 30 days to try to contain the coronavirus. In […]

Russia States it is Still Part of OPEC+

Yesterday, crude rose following equities higher even in the face of somewhat bearish API inventory news.  Crude prices are down this morning, giving back some gains in overnight trading.  Prices were pressured by Saudi Arabia’s plan to boost oil production and weakened demand caused by the coronavirus.  In a further sign that Saudi Arabia is […]

Mid-Week Review – March 11, 2020

Oil Rebounds From Worst Loss Since 1991 on Hopes for Stimulus Oil rebounded from its worst loss since 1991 on speculation that potential U.S. tax cuts may shield the market against the economic impact of the coronavirus and a price feud between major producers.  “Today is a day of licking wounds but we’re not out […]

Saudi Arabia Planning 25% Supply Hike

Yesterday, crude prices fell close to 25% on Saudi Arabia beginning a price war with Russia.  Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 MMbpd next month, a massive production increase to flood the market.  The output hike of more than 25% […]

Week in Review – March 6, 2020

The crude market was up for the week from Monday’s open to Friday’s open, but is down substantially in early trading this morning.  The major news moving markets this week was all about OPEC+ and its response to the oil demand destruction caused by the coronavirus.  OPEC has now proposed an additional 1.5 MMbpd in […]

Federal Reserve Makes a Surprise Cut

Yesterday, crude ended higher, but felt pressure from falling equities.  Losses were contained by rumours of OPEC+ output cuts and the Federal Reserve cutting interest rates.  This morning markets continue to be buoyed by OPEC+ news and rumours of deeper supply cuts to offset the slump in demand caused by the coronavirus.  According to Reuters, […]

Mid-Week Review – March 4, 2020

Oil market faces surplus and needs balancing: Iran oil minister Iran’s Oil Minister Bijan Zanganeh said on Wednesday that the oil market is facing a surplus and needs be balanced, according to SHANA, the news site of the Iranian oil ministry.  “There is no doubt that there is an imbalance in the supply and demand […]

Market is Rebounding Ahead of OPEC+ Meeting

Yesterday, crude prices rose more than 4% on hopes of Russian compliance with OPEC+ supply cuts.  Russia stated that they have not received a proposal from OPEC+ for a 1 mmbpd cut in oil output and is instead focusing on an earlier recommendation from the group’s technical experts.  OPEC+ is meeting this week in Vienna […]

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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