Yet Another Vaccine Boosts 2021 Outlook

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 […]

Presidential Candidates Spar Over Energy Policy

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 […]

Week in Review – October 23, 2020

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 […]

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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