Oil continued its streak of closing near $59/bbl, which has continued since April 6. Markets are caught in a holding pattern – news continues circulating around OPEC+ raising production, COVID lockdowns, and vaccine deployments. Strong demand data from China is providing support for prices this morning, as markets focus on fundamentals over headlines. The headlines, […]
Yesterday’s EIA report sent markets into yet another climb, with WTI crude surpassing $48/bbl for the first time in months. In addition to vaccine news and a bullish EIA report, markets are also benefiting from hopes of a coronavirus stimulus bill passing through Congress before the end of 2020, which would give the economy a […]
Oil prices slid by $1.35 yesterday (-3.3%) after the US Commerce Department reported the largest single-quarter GDP drop in history: -32.9% on an annualized basis. The news was not a surprise (CNBC reports that markets were expecting a 34.7%) drop, but it still cast shadows over traders by highlighting just how dismal the economy has […]
WTI Crude finished the week lower as the coronavirus pandemic continues to weigh on the economy. A recent surge in cases across the country caused a rollback of reopening plans and rekindled fears of demand concerns in the crude market. In inventory news, a large surprise draw of 10.6 MMbbls reported by the EIA barely […]
Tired of the oil market rumor mill? Heard too much about China and OPEC? We feel you. Oil prices have been balanced within the $50-$60 range for months now, constantly driven one way or another by speculation regarding US-China trade and OPEC production targets. Nearly every headline on both issues become irrelevant within a week […]
