IEA Forecasts 10-Yr High Inventory Draws in Q3

Oil prices are hovering in the low $74 range this morning, not far from their pre-July 4th peak. The International Energy Agency (IEA) released their monthly oil market report, which noted several bullish trends in the short-term. Oil demand rose by 3.2 MMbpd in June, representing a 3.4% increase month-over-month. Moreover, last month’s demand gains […]

Oil Prices Reach New High – Hurricane Season Heats Up

On Friday, a storm brewing in the Gulf of Mexico began making headlines, as it would be the first storm of the new hurricane season to impact the mainland US. Forecasters are reporting that the storm system could strengthen to a tropical storm briefly before making landfall as early as the end of this week, […]

US Crude Hits Fresh 2.5-Yr Highs as Goldman Calls for $80 Oil

Oil prices reached a fresh high yesterday, spurred higher by demand optimism. Goldman Sachs reiterated its bullish forecast to its customers, stating that Brent crude prices may overshoot their $80/bbl price target. Given where prices are today, that forecast suggests at least another 20 cent per gallon increase in fuel prices before the end of […]

IEA Drops Curveball Report, Inflation Fears Rise

This week the International Energy Agency (IEA) dropped a surprising report encouraging no new oil and gas investments after 2021. The statement followed a net-zero emissions summit, which set a goal of net-zero emissions by no later than 2050. According to the IEA, the only way to achieve a net-zero emissions target by 2050 is […]

Commodity Supercycle Drives Oil Prices Higher

Oil prices are back to setting multi-year highs as the commodity boom continues. Commodities have been on a tear lately, with astronomical growth for products including lumber, iron ore, grain, urea, and more. Although supplies are still catching up from the COVID-induced lull, massive stimulus efforts in countries like China and the US have kickstarted […]

Mid-Week Review – May 5, 2021

Will Oil Hit $80 This Summer? India, the world’s third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices. OPEC+, out of its own necessity, has intervened in the oil market on the supply side of […]

Mid-Week Review – March 17, 2021

EIA expects crude oil prices to rise through April because of lower OPEC production In its March Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $64 per barrel (b) in the second quarter of 2021 and then fall to less than $60/b through the end of […]

Biden to Cancel Keystone XL Pipeline

Coming off a long holiday weekend, oil markets are moving moderately higher. Traders are expecting the in-coming Biden administration to act quickly to pass its proposed $1.9 trillion stimulus bill, which would facilitate faster distribution of a vaccine while putting money in people’s hands to spend immediately. Along with stimulus legislation, Biden is expected to […]

IEA World Energy Outlook – Crystal Ball?

Crude fell nearly 3% on Monday, as supply came back online from multiple sources. The return of supply was the major factor moving markets lower yesterday and continues to pressure markets today.  Crude is recouping some of its losses this morning on positive news coming out of China. China is the world’s largest crude importer […]

Market Weighs Storm Effects Versus Downgraded Forecasts

Markets are trading higher this morning with prices supported by concerns over Hurricane Sally hitting the Gulf Coast and an increase in August demand reported out of China.  China’s oil demand increased 9.9% in August.  Year-over-year demand in China increased 3.29% to 12.54 MMbpd. Hurricane Sally is currently a strong category 1 hurricane with sustained […]

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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