Oil markets are rallying this morning despite an absence of “new” news to provide incremental tailwinds. Indeed, the news may even be considered as a bearish factor, with Tokyo and Quebec each enacting restrictions to curb new COVID-19 cases. But the scale of the news this week has been lifting financial markets across the board, […]
On Wednesday, WTI Crude closed higher based on a sizeable crude draw reported by the EIA and a weak dollar. WTI Crude closed at $42.19/bbl, up 1.2% – the highest close since early March. According to the US Land Rig Count Tracker report, rig counts decreased by five rigs to 263 active rigs. The number […]
Oil markets are seeing light activity this morning following Friday’s news of the first weekly increase in US oil rig counts since March. The US economy is in focus for oil markets today, as two major releases are expected this week. First, Senate Republicans today will unveil their latest economic stimulus package, which most expect […]
Nat Gas News Federal And Provincial Government Assistance For Canada’s Oil And Natural Gas Industry On April 17, 2020, the federal government announced financial relief measures for Canada’s oil and natural gas industry, which has been suffering due to reduced demand brought about by the COVID-19 pandemic and the associated drop in oil prices. The […]
While oil markets are closely monitoring the return to normalcy for demand, equity markets are turning their attention to US-China tensions, which have continued escalating in recent days. Ths US has been ramping up its military presence in the Indo-Pacific region, conducting training exercises throughout the region and issuing provocative statements of America’s ability to […]
The crude market experienced one of the worst downturns since 2008 this week. The major news moving markets was the beginning of the oil price wars between Russia and Saudi Arabia, causing the largest single day drop (over 20%) since the 1991 Gulf War. News of Saudi Arabia’s plans to pump 25% more crude next […]
Yesterday, bullish inventory news reported by the EIA began a small rally that was quickly overcome by more pessimistic coronavirus news as the market digested a rise in new coronavirus cases outside China fueling fears of a pandemic that could slow the global economy. This morning crude prices are lower, falling to their lowest levels […]
