Risks Are Skewed To The Upside: Tyler Richey Quoted in Morningstar
U.S. oil prices give up gains to finish flat ahead of government data on crude supplies
Still, “based on the risk-on tone in equity markets so far in November amid soft landing hopes. Risks are skewed to the upside into the end of the week. Pending good consumer demand readings for refined products in the EIA data,” he told MarketWatch.
“It seems like a combination of the less optimistic demand outlook in the IEA’s monthly outlook report and trader positioning into a double dose of weekly EIA data releases Wednesday led to oil to come off session’s price highs, said Tyler Richey, co-editor at Sevens Report Research.
The EIA report will include supply data covering two weeks — for the weeks ended Nov. 3 and Nov. 10 — after a planned systems upgrade led the EIA to delay last week’s report releases.
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