Mid-Week Review – June 3, 2020

Brent climbed above $40 for the first time in 3 months on hopes of extended production cuts The world’s biggest oil producers are expected to meet as early as Thursday, according to Reuters which cited sources as saying OPEC+ members may bring forward a meeting originally scheduled for June 9-10. While Russia and other members […]

Cheating Dashes Hopes of Early OPEC+ Meeting in Doubt

On Tuesday, WTI Crude jumped higher on news that Saudi Arabia and Russia reached a preliminary agreement to extend the current supply quotas for another month before tapering back cuts.  A bullish API inventory report also helped to lift markets.  Crude is down in trading this morning after yesterday brought prices to their highest levels […]

Forecasts Project Active Hurricane Season

Yesterday, WTI crude ended flat with positive sentiment regarding production cuts capped by rising trade tensions between the US and China over security legislation in Hong Kong.  Crude is trading near three-month highs this morning on expectations that OPEC+ will extend production cuts to bring down inventories. Saudi Arabia is in favor of extending current […]

Week in Review – May 15, 2020

The crude market is on track to post its third weekly gain, bringing crude prices to their highest level in over a month.  With rig counts falling to all-time lows, markets anticipate declining US oil production, which combined with OPEC+ cuts should help bring supply and demand back into balance. Many analysts believe oil markets […]

US Rig Count Hits Record Low

Oil prices are moving quietly higher after posting the second consecutive weekly gain on Friday.  This morning, Saudi Arabia announced plans to unilaterally cut production by an additional 1 MMbpd beyond their committed cuts, which is giving markets some strength. The additional cuts will bring Saudi Arabia’s output to just 7.5 MMbpd, a huge cut […]

Trump Says End of Oil Price War in Sight

Yesterday, crude prices finished down but slightly stronger than the morning on news that Russia would not increase production into next month.  Crude oil futures have jumped this morning by over 20% after President Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.  Trump said […]

Trump and Putin Agree to Talks on Stabilizing Energy Markets

Yesterday, crude oil and refined fuels futures prices fell sharply, with WTI crude briefly dipping below $20 bbl after the United States announced extended travel restrictions and social distancing guidelines to last through the end of April, further denting the outlook for global oil demand. Crude prices are up this morning after climbing off 18-year […]

Oil Price War Begins

The oil price wars have begun. Prices are down by the largest amount since the 1991 Gulf War, and agencies are racing to reconsider their price forecasts for the year. The stock market halted trading immediately after reopening due to massive losses. What’s going on? On Friday, Russia fired the first shot of the war. […]

Oil Rebounds on Russia Sanctions

Yesterday, oil started the session over2% lower after OPEC officials scrapped plans for an emergency meeting in February.  OPEC+ plans to keep to its scheduled meeting coming up in March.  Russia is still considering the further cuts of 600 kbpd suggested by Saudi Arabia.  Russia’s Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince […]

China Oil Demand Down 20%

Anonymous Chinese energy officials have hinted that Chinese oil demand is down by 3 million barrels per day currently – more than ten times original estimates from Goldman Sachs. If confirmed, this loss of 20% of China’s consumption would be the most severe global demand drop since the 2008-09 Great Recession, when oil prices fell […]

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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