EIA Raises 2021 Forecast for WTI

WTI crude closed lower yesterday on news of a growing number of coronavirus cases in China and more stringent lockdown measures and restrictions in Europe. The market continues to feel downward pressure as the EIA reports builds in products from last week. In the EIA Short Term Energy Outlook (STEO) for January, the EIA forecasts […]

White House Flip Flops on Stimulus Negotiations

WTI crude is down this morning after President Trump called for a halt to economic stimulus negotiations until after the election. This announcement came just hours after Fed Chairman Jerome Powell reiterated the need for more stimulus. This morning, Trump has changed his messaging again, saying he’s willing to sign a narrow deal that only […]

EIA Lowers Growth Forecast for 2021

On Wednesday, WTI crude followed US equities to close higher. Bearish inventory news coming from the API pared gains. A surprise build in crude and diesel reported by the API is pushing prices lower in early trading this morning. According to the EIA Short-Term Energy Outlook: “despite expected inventory draws in the coming months, EIA […]

Draws Across the Board Lift Markets

On Tuesday, WTI Crude followed US equites to close lower.  Earlier in the session, crude and equities had been trading higher on news of slowing coronavirus cases being reported in the US, but falling technology stocks dragged the S&P 500 to close the day lower and crude followed suit. WTI Crude inventories had a large […]

Mid-Week Review – August 12, 2020

Oil rises after bigger-than-expected drop in U.S. inventories Oil prices rose on Wednesday after an industry report showed U.S. crude inventories last week fell more than analysts had expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Click here to read more from Reuters. Oil climbs as slowing […]

Week in Review – June 12, 2020

WTI crude opened the week higher on the extension of deep OPEC+ production cuts through July. However, putting a cap on gains was news that the additional reductions by Saudi Arabia and its allies beyond OPEC+ quotas would not be extended.  By mid-week, several headlines moved markets lower for the week. The National Bureau of […]

Second Wave Causes Sell-Off, EIA Maintains Bearish Outlook

Markets are stabilizing this morning after heavy losses spread throughout financial markets. Crude oil fell by over 8%, while the Dow Jones Industrial Average dropped by nearly 7%. Behind the sell-off is a rising COVID-19 incident count in many states, which could lead to a second round of lockdowns in the future. On the positive […]

Oil Prices Nearly Normal (And What “Normal” Means Now)

US oil prices are rapidly approaching the $40/bbl mark thanks to an agreement by OPEC’s largest producers to extend cuts through July; OPEC members will meet Saturday morning to memorialize the agreement. The $40/bbl threshold is particularly significant for two reasons: Crude oil markets rarely dip below $40/bbl. When they do, it typically doesn’t last […]

Week in Review – June 5, 2020

WTI crude is headed for its sixth straight week of weekly gains after OPEC+ reached a tentative agreement to extend its record production cuts. After a week of discussions, Saudi Arabia and Russia finalized a deal with Iraq regarding quota compliance, opening a way to production cut extensions into July. OPEC+ plans to meet on […]

Bullish EIA STEO Lift Markets

On Tuesday, WTI Crude finished the day up.  It spiked mid-session on the news that OPEC+ may keep supply cuts in place past June.  Crude prices are flat this morning, as traders weigh possible OPEC+ plans to deepen supply cuts against demand concerns made worse by a possible second wave of coronavirus infections as countries […]

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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