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Traders are now betting on production shutdowns to cope with the collapse in demand, triggering WTI crude prices to drop 6% to under $20/bbl overnight to levels not seen since 2002. More news on: The United States Oil ETF, LP, iPath S&P GSCI Crude Oil Total Return Index ETN, Velocity...

In this article, we examine the significant weekly order flow and market structure developments driving WTI price action. The primary expectation for this week was for price discovery higher, barring failure of 20.53s as support. This expectation did play out, within the context of a balance...

All OPEC data below is from the OPEC Monthly Oil Market Report. It is thousand barrels per day and is through February 2020. The OPEC data no longer includes Ecuador. OPEC 13 was down 546,000 barrels per day in February. The only major decliners were Libya and Saudi Arabia. Algeria is si...

A new OPEC+ deal to balance oil markets might be possible if other countries join in, according to Kirill Dmitriev, head of Russia’s sovereign wealth fund. More news on: The United States Oil ETF, LP, iPath S&P GSCI Crude Oil Total Return Index ETN, VelocityShares 3x Long Crud...

Welcome to the reality hurts edition of Oil Markets Daily! The reality will start to set in for everyone in OPEC+. Russian oil producers will be the first to refuse to increase oil production into a lower oil price environment. As we noted over the weekend, " Global Production Shut-In Is N...

Introduction The oil market appears to be seriously over-supplied currently, giving prices in this commodity only one direction to travel, down. We are seeing indications of a historically over-supplied market right now, so we expect continued weakness on the commodity front. The impact of t...

Welcome to the export edition of Oil Markets Daily! People keep thinking about the oil market in a vacuum. They are imaging the global oil trade like a faucet to a bucket. Oil produced - oil consumption = delta But what's not being said is about the function of the oil market and how o...

The coronavirus outbreak and the effects of COVID-19 have gone deeper and wider than most people would have expected. That applies just as much to markets as anywhere. Whether it's a tech sector that is supporting our new work from home or re-rating as expensive EV/Sales multiples make less se...

In late 2015 and early 2016, commodity prices fell as economic growth in China slowed. The price of nearby NYMEX crude oil futures fell to a low of $26.05 per barrel, the lowest price since 2003. Crude oil fell below the bottom during the global financial crisis, where the energy commodity fou...

In this article, we examine the significant weekly order flow and market structure developments driving WTI price action. The primary expectation for this week was for price discovery lower, barring failure of 33.88s as resistance. This expectation did play out as a sell response developed i...