IEA Raises 2020 Oil Demand Forecast

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 […]

Fed Chair Powell: Economic Future Highly Uncertain

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 […]

Oil Prices Nearly Normal (And What “Normal” Means Now)

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 […]

Week in Review – June 5, 2020

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 […]

Forecasts Project Active Hurricane Season

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 […]

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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