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 […]

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. […]

Week in Review – July 17, 2020

WTI Crude finished the week higher after a choppy week of trading. The OPEC+ meeting on Wednesday dominated the news this week with the cartel deciding to ease production cuts beginning in August as expected. After a few months of 9.7 MMbpd cuts, the group will ramp down cuts to just 7.7 MMbpd. Traders had […]

EIA Raises 2021 Crude Forecast 10%

The EIA published its monthly Short-Term Energy Outlook yesterday, and the news is helping to keep prices from sliding amid higher COVID-19 cases. The US yesterday posted another record-breaking day for infections, reporting roughly 60,000 new cases throughout the country. With some states reversing reopening, many fear a return to low regional demand in some […]

Will Supply and Demand Ever Return?

Oil is trading sideways this morning following a long Independence Day holiday weekend for US traders. Declining oil production is counteracting the rising COVID-19 cases, keeping markets in limbo. US active oil rig counts continued their decline, falling to just 185 rigs according to Baker Hughes data released on Friday. Including natural gas rigs, total […]

Oil Falls as Coronavirus Cases Surpass 10 MN

Yesterday, WTI crude finished higher, buoyed by some recovery in energy demand. The market saw positive economic news coming out of China over the weekend, with industrial profits in May up 6% from a year earlier, representing the first increase in 2020. In the US, better than expected housing data helped to lift markets on […]

Natural Gas News – June 25, 2020

Natural Gas News – June 25, 2020 LNG Buyers Seen Rejecting Fewer U.S. Cargoes as Prices Rise Buyers of U.S. liquefied natural gas will probably cancel fewer shipments scheduled for August than they do for July as prices show signs of recovery, according to traders. Cheniere Energy Inc., the nation’s biggest producer of LNG, received […]

IMF Cuts Global and US Forecasts

On Wednesday, WTI Crude fell more than $2 as it followed US equities lower on fears of a resurgence of coronavirus cases.  Swelling crude inventories reported by the EIA and a surge of new COVID-19 cases around the nation have raised concerns about crude demand in the US and abroad, dragging prices lower. The IMF […]

Despite Strong Economic Data, Markets Fear Second Wave

On Tuesday, WTI Crude rose steadily, tracking with U.S. equities.  Retail sales numbers crushed expectations and drove markets higher.  In addition, the Trump administration announced further stimulus measures, and Fed Chairman Powell discussed the Fed’s plans for buying corporate bonds to support the economy.  Prices are retreating in early trading this morning after a bearish […]

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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