Oil Bulls Are Exiting Market, Prices Prove Resilient

In the absence of news, oil prices are continuing a choppy sideways trade, with brief surges up and down but no clear trend. Federal officials are reportedly reviewing the need for updated mask guidance. The CDC tightening its mask recommendations could renew consumer fears of exposure, which could, in turn, dampen demand. Although market prices […]

Saudis and UAE Agree on OPEC Production Deal

Oil prices are turning lower this morning, following news that OPEC may finally be near an agreement to increase production for the remainder of the year. Saudi Arabia and the UAE have been at odds for the past two weeks, derailing members’ consensus to increase output by 400 kbpd each month between now and December. […]

China’s Iran Oil Purchases Dilute Oil Supplies

Yesterday saw a hefty selloff for oil products, but a late-day buying spree for crude oil held the product to just 20 cent/bbl losses. Refined products saw steeper losses, with diesel shedding 2 cents and gasoline prices tumbling almost 5 cents. Recent reports have revealed that China is ramping up purchases of sanctioned Iranian oil, […]

3 Supply Sources To Watch This Week

Around the world, crude oil supplies are returning from temporary shutdowns, causing oil prices to shift lower once again after last week’s rally sent prices to a high of $41.19 on Thursday. Hurricane Delta has passed, allowing Gulf oil production to return to normal. The powerful storm shut down the most Gulf production since Hurricane […]

Are American Oil’s Best Days Behind It?

After moderate gains early this morning, the oil complex is trading sideways to open the new week. Most indicators from the weekend suggest higher prices for the week. The US Dollar is creating tailwinds for oil; after rising to the highest level since July last week, USD losses this morning are propping up commodity markets. […]

Energy Survey Shows Gloomy Oil Production Outlook

The oil market is trading moderately higher this morning following declining prices last week. A resurgence of coronavirus cases has spooked the market, but thus far demand has not been weakened by states slowing their reopening approach. In fundamentals news, rig counts continue to set new record lows each week, though Friday’s Baker Hughes Rig […]

IMF Forecasts Largest Contraction Since Great Depression

On Tuesday, the IMF reported that global gross domestic product is forecast to shrink 3% this year.  This newest forecast, the first since the coronavirus’ effect began to take center stage, compares to the January forecast of a 3.3% expansion.  This contraction would mark the largest decline since the Great Depression and is far greater […]

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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