After shedding a dollar yesterday, crude prices are beginning to tick higher this morning. The OECD, an international organization focused on economic growth and trade, released an interim guidance report on economic growth, in which the group raised their 2021 global GDP forecast to 5.5%, supported by a rapid vaccine deployment and stimulus legislation. The […]
WTI crude closed lower yesterday on news of a growing number of coronavirus cases in China and more stringent lockdown measures and restrictions in Europe. The market continues to feel downward pressure as the EIA reports builds in products from last week. In the EIA Short Term Energy Outlook (STEO) for January, the EIA forecasts […]
Oil prices are rising this morning following yet another vaccine, Oxford-AstroZenaca, announcing results showing an average 70% effectiveness. Behind that average, though, the study found that certain doses were as much as 90% effective. Numerous vaccines mean more producers can work on manufacturing simultaneously, meaning more vaccines available sooner for distribution. The head of America’s […]
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 […]
WTI crude finished the week relatively unchanged after an up and down week of trading. OPEC met on Monday and reiterated that it would support a balanced market. Saudi Arabia stated, “No one should doubt the group’s commitment to providing support.” Still, the group did not formally commit to maintaining current production levels. Markets are […]
Yesterday, WTI crude tracked with US equities to finish the session higher. Prices continue to advance in early trading this morning based upon better OPEC+ compliance by cartel members with record production cuts. The International Energy Agency (IEA) increasing demand forecasts for 2020 is also moving markets today. In its monthly report, the IEA forecast […]
After a strong finish yesterday, oil prices are suffering heavy losses stemming from a variety of headlines. On Wednesday, WTI Crude finished higher after bullish demand news and a mixed EIA inventory report that was bearish, but less so than this week’s API numbers. This morning, prices are retreating following an increase in COVID-19 cases […]
US oil prices are rapidly approaching the $40/bbl mark thanks to an agreement by OPEC’s largest producers to extend cuts through July; OPEC members will meet Saturday morning to memorialize the agreement. The $40/bbl threshold is particularly significant for two reasons: Crude oil markets rarely dip below $40/bbl. When they do, it typically doesn’t last […]
WTI crude is headed for its sixth straight week of weekly gains after OPEC+ reached a tentative agreement to extend its record production cuts. After a week of discussions, Saudi Arabia and Russia finalized a deal with Iraq regarding quota compliance, opening a way to production cut extensions into July. OPEC+ plans to meet on […]
Yesterday, WTI crude ended flat with positive sentiment regarding production cuts capped by rising trade tensions between the US and China over security legislation in Hong Kong. Crude is trading near three-month highs this morning on expectations that OPEC+ will extend production cuts to bring down inventories. Saudi Arabia is in favor of extending current […]
