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Welcome to the whipping boy edition of Oil Market Fundamentals! Oil prices have been the go-to whipping boy for macro headline trades. Trade war? Sell-off. Bullish storage draws? Ignored. Over the last 2-weeks, we've seen EIA report builds in US crude storage, but most of that is from ...
Crude oil futures ( USO +1.2% ) move higher as risk-on trade resumes and following this weekend's drone attack on one of Saudi Arabia's largest oil fields; WTI +1.2% to $55.52/bbl, Brent +1.1% to $59.28/bbl. More news on: The United States Oil ETF, LP, Exxon Mobil Corporation,...
All data below, unless otherwise specified are from the latest OPEC Monthly Oil Market Report . All data is through July and is thousand barrels per day. OPEC crude oil production was down 246,000 barrels per day in July There is often a difference between what secondary sources say OPEC ...
For watchers of the crude markets, it’s been a few perplexing weeks with the price of crude oil falling while the structure of the futures market has switched pretty firmly into backwardation across the curve. The reason why this market structure is so perplexing to many is that backwar...
Crude oil is the energy commodity that powers the world. When the global economy expands, demand for energy rises, and when it contracts, crude oil often moves to the downside. Perhaps the most dramatic example of how recessionary forces on a global scale impact the price of crude oil futures ...
In this article, we examine the significant weekly order flow and market structure developments driving WTI's price action. As noted in last week's WTI Weekly , the primary expectation for this week was for price discovery higher within the context of a potentially completed corrective phas...
The total count of active U.S. drilling rigs rises by 1 to 935, breaking a string of declines, according to the latest weekly report from Baker Hughes. More news on: The United States Oil ETF, LP, The United States Natural Gas ETF, LP, iPath S&P GSCI Crude Oil Total Return Index ETN,...
OPEC cuts its forecast for oil demand growth this year by another 40K bbl/day to 1.1M bbl/day and indicates the market will be in slight surplus next year. More news on: The United States Oil ETF, LP, Energy Select Sector SPDR ETF, iPath S&P GSCI Crude Oil Total Return Index ETN, En...
Continuing our weekly series, Open Insights, we'll take a look at the EIA's Weekly Petroleum Status Report ("WPSR") for the week of August 9, 2019. EIA reported a crude build of 1.6M barrels for the week, adding to a build from last week to begin the month of August. Refinery utilization fel...
By Stacey Morris While recent oil price volatility has been in the spotlight, the weakness in natural gas prices has begun to cause headaches for upstream companies, with consequences for some midstream names. An oversupply of natural gas has sent prices to multi-year lows, creating challe...