OPEC Revises Demand Forecast and Pledges Support of Market

On Tuesday, WTI crude closed higher continuing gains from the news of a successful coronavirus vaccine.  In addition, bullish inventory news and reaffirmations from Saudi Arabia and OPEC of willingness to keep crude markets balanced are helping to lift markets this morning. In a report from OPEC, they stated that they expect world oil demand […]

OPEC Willing to Act Soon if Needed

Crude closed over 8% higher yesterday on news of successful trials of a coronavirus vaccine by Pfizer. The vaccine was reported as being 90% effective and oil markets responded positively. Crude is continuing gains this morning as markets wait on inventory news for the week. The news of the vaccine gave oil traders hope that […]

Europe Fears Second Recession as Infections Rise

Last week, WTI Crude finished sharply lower on multiple triggers including bearish inventory news and the return of Libyan supply to the market. The market is continuing its losses in early trading this morning ahead of tomorrow’s election. Uncertainty around the election and fears of a second recession due to the second wave of coronavirus […]

New Daily Record for Infections Pressures Market

Oil is trading down slightly this morning after two days of sharp losses. Concern around the pace of economic and demand recovery due to the coronavirus is the major driver moving prices this week. We are seeing a spike in coronavirus infections as the winter months approach and the forecast is for an accelerating rate […]

Week in Review – October 30, 2020

The week had several major factors driving the market this week.  The one bullish factor was the reassurance by OPEC that they would continue to balance the market.  Secretary General Barkindo of OPEC assured the market that OPEC would remain vigilant and would intercede to balance the market as necessary. Several bearish triggers drove the […]

European Lockdowns and Libya Supply Trigger Selloff

Markets are slipping this morning as coronavirus cases continue mounting worldwide. Both the US and European countries are setting new records for number of new cases reported, which adds to concerns that lockdowns will be required heading into the winter. European countries including Spain, Italy, France, the UK, and Ireland have all tightened restrictions over […]

OPEC Pledges to Support Crude Market

Crude is down this morning and is feeling some pressure from the concern around demand loss from rising coronavirus cases. Reports on Monday showed that coronavirus around the world topped over 40 million cases. This second wave of cases in North America and Europe is triggering various degrees of lockdowns and restrictions which may impact […]

Trump Tests Positive for COVID-19

Oil is tanking this morning on the news that President Trump has tested positive for the coronavirus.  US and European equities markets are dropping this morning and commodities in the US are falling as well. Crude has been down as much as 4% in early trading this morning. The news of the President’s infection raises […]

Week in Review – October 2, 2020

The week began with optimism regarding a stimulus package being discussed in the House.  Democratic leaders proposed a new $2.2 Trillion bill to inject cash into the US economy. While both sides of the aisle agree stimulus is needed, they disagree on how much money should be spent. In inventory news, a surprise draw in […]

API Reports Surprise Crude Build

On Tuesday, WTI Crude closed up sharply on news of a European Union stimulus deal and hopes for a coronavirus vaccine in the near future.  This morning the market is giving back some of those gains in early trading as fears of a resurgence in lockdowns retakes precedents. Also putting downward pressure on markets today […]

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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