Mid-Week Review – August 12, 2020

Oil rises after bigger-than-expected drop in U.S. inventories

Oil prices rose on Wednesday after an industry report showed U.S. crude inventories last week fell more than analysts had expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Click here to read more from Reuters.

Oil climbs as slowing COVID-19 cases spur hopes of a demand recovery

Oil has struggled to recover amid the coronavirus pandemic, which hit market demand for the commodity at the same time a price war broke out between OPEC and its allies, weighing on prices. As the US and the world slowly reopen from pandemic-related shutdowns, oil has trended higher. Click here to read more from Business Insider.

Oil Is next year’s gold

The world’s governments are energetically baking in lots of inflation for the future. Inflation versus deflation is the critical market call at the foundation of any investment strategy going forwards, so if you believe in deflation you are likely to load up on a very different set of instruments. If you are a deflationist then the only thing you really need to own is cash, because everything else is going to spiral down in price. Click here to read more from Forbes.

Iranian oil exports much higher than official data suggests

According to the data, Iran is exporting as much as 600,000 barrels daily, using ship-to-ship transfers with transponders turned off to avoid detection, skirting U.S. sanctions. The daily average number compares with an estimate of 227,000 bpd made in a U.S. Congressional report, NBC’s Raf Sanchez wrote on Twitter. Click here to read more from Oilprice.com.

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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