Oil Demand Could Exceed Pre-Crisis Levels

Coming off a long weekend, oil is climbing to fresh highs this morning as positive sentiment endures. The market continues with the mantra “no news is good news” – another day without a major uptick in COVID-19 cases and no unexpectedly low economic data constitutes a win.   The IEA’s Executive Director commented this weekend that low oil prices could drive demand […]

As US Considers Reopening, Oil Service Companies Suffer

After breaking below $20/bbl and setting at $19.87 for two straight days, WTI crude oil is experiencing some strong bearish pressure. The sell-off appears to be more technical in nature, as fuel prices remain in the black today. The IEA this week reported that 2020 oil demand will be 9.3 million barrels per day (MMbpd) […]

Crude Drops to 18-Year Low

Yesterday, crude dropped to 18-year lows on bearish demand news from the IEA and on bearish inventory news from the EIA.  WTI & ULSD futures extended their losses after the IEA forecasted a record 29 million bpd decline in global oil demand due to the COVID-19 pandemic quarantine efforts.  The EIA also reported a record […]

Mid-Week Review – October 30, 2019

Oil markets could face oversupply in 2020, the IEA says In its latest monthly report, the Paris-based agency cut its oil demand growth figure by 100,000 barrels a day for both 2019 and 2020. Oil demand is expected grow 1.2 million barrels a day in 2020, IEA said in the report.  Click here to read […]

Markets Await Oil Reports, Trump Re-Affirms Biofuel Support

Prices eked out small gains on Friday, halting the 8-day down streak, though barely.  Over the weekend, sentiments shifted to a more positive outlook on the economy given US-China trade talks resuming and a possible rate cut from the Federal Reserve. This morning crude oil is trading at $53.53, up 72 cents (1.4%) from Friday’s […]

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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