Mid-Week Review – September 2, 2020

Oil gains on U.S. stock draw, economic recovery optimism Crude oil futures extended gains on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity fueled optimism of a recovery from the pandemic, boosting investor risk appetite. Click here to read more from CNBC. Saudi cutting oil deliveries […]

Multi-Year Record Data Restores Hope of V-Shaped Recovery

On Tuesday, WTI crude closed slightly higher as US equities closed at new record highs and drew crude along with them.  The S&P 500 and the Nasdaq reached new record highs yesterday and the Dow added 200 points for the three major indices to close with gains. The rally was spurred by bullish manufacturing data […]

Tropical Storm Isaias Eyes the Northeast

Yesterday, WTI crude closed higher on better than expected manufacturing data coming from Asia, Europe, and the US. The data would seem to indicate that the worst of the impact from the pandemic is behind us. Crude is continuing to trend higher this morning as it rallies from earlier lows. Isaias made landfall as a […]

US Added Rigs in June – Will Crude Production Resume?

Yesterday, WTI crude followed US equities higher in the morning session, then lower in the afternoon on coronavirus fears, ultimately closing the day about $1/bbl down. Headlines regarding renewed lockdowns and restrictions in the US and Asia surfaced in the afternoon and put downward pressure on markets.  Concerns that a surge in coronavirus cases could […]

Oil Falls as Coronavirus Cases Surpass 10 MN

Yesterday, WTI crude finished higher, buoyed by some recovery in energy demand. The market saw positive economic news coming out of China over the weekend, with industrial profits in May up 6% from a year earlier, representing the first increase in 2020. In the US, better than expected housing data helped to lift markets on […]

US Economy Officially in Recession

The National Bureau of Economic Research’s Business Cycle Dating Committee announced on Monday that the US officially entered a recession in February. The downturn, caused by the coronavirus pandemic, led economic activity to fall sharply.  This decline is the first since 2009, when the last recession ended, and marks the end of the longest expansion […]

Five Straight Days of Gains, Doubles Crude Price

On Tuesday, WTI Crude finished higher to close with five straight days of gains and nearly doubling in price to close at $24.56.  The market is giving back some of those gains in early trading this morning as traders teeter between optimism and pessimism based upon bearish API inventory news. Prices have been responding to […]

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 […]

Trump Threatens Oil Tariffs

Yesterday, crude followed equities higher to start the day, but then ended lower as did equities on general pessimistic coronavirus sentiment.  Crude is trading higher this morning on the hopes that OPEC+ will come to some supply cut agreement as they meet tomorrow.  Expectations are for the largest supply cut ever agreed to by the […]

Outbreak May Evolve into Pandemic

In Asia, Europe, and the Middle East hundreds of new cases of the coronavirus, COVID-19, have been reported.  The virus has been found in about 30 countries.  In the US, the Center for Disease Control warned of the inevitable outbreak of the virus.  The organization is preparing for “severe” disruptions to daily life in the […]

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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