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 […]

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 […]

Week in Review – June 12, 2020

WTI crude opened the week higher on the extension of deep OPEC+ production cuts through July. However, putting a cap on gains was news that the additional reductions by Saudi Arabia and its allies beyond OPEC+ quotas would not be extended.  By mid-week, several headlines moved markets lower for the week. The National Bureau of […]

Second Wave Causes Sell-Off, EIA Maintains Bearish Outlook

Markets are stabilizing this morning after heavy losses spread throughout financial markets. Crude oil fell by over 8%, while the Dow Jones Industrial Average dropped by nearly 7%. Behind the sell-off is a rising COVID-19 incident count in many states, which could lead to a second round of lockdowns in the future. On the positive […]

OPEC Extends Production Cuts through July

Just three short weeks ago, headlines were celebrating crude oil’s ascent above $30/bbl. Today, WTI crude briefly surpassed $40/bbl – a 33% price gain in a short period. As we reported last Friday, the EIA projected in May that oil would not return to $40/bbl until April 2021. A number of supportive economic and oil […]

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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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