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Sevens Report: ‘Bearish Wheels in Motion’ for Oil as Supply Rises, Demand Wanes

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Tyler Richey says crude risks a deeper slide with $61.50 key support level

‘Bearish wheels are in motion’ for oil after a three-session climb

Crude oil is on track for its first loss in four sessions as supply builds and demand softens, according to Tyler Richey, co-editor at Sevens Report Research.

“OPEC+ is re-engaging in a fight to reclaim market share from non-member producers, while demand faces pressure from rising stagflation risks,” Richey said. He noted the dynamic is “straight out of the economic 101 textbook” and has set the “bearish wheels in motion” for crude.

On the charts, $61.50 a barrel is the key near-term support for WTI. A break below that could accelerate losses toward the $57–$58 range, Richey warned. October WTI recently traded at $62.49, down 1.9% on Thursday.

Also, click here to view the full article published in MarketWatch on September 11th, 2025. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Price-negative for oil

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Price-negative for oil: Tyler Richey Quoted in MarketWatch

Oil futures settle at lowest since mid-June

The improved prospects of a Donald Trump victory in the 2024 election are “price-negative for oil as he has said he plans to support production increases to increase energy independence and lower prices,” said Tyler Richey, co-editor at Sevens Report Research.

Also, click here to view the full MarketWatch article published on July 22nd, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Prices had sold off with risk assets in the immediate wake of the U.S. jobs data

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Prices had sold off with risk assets: Sevens Report Co-Editor, Tyler Richey, Quoted in MarketWatch

Oil prices fall for a third week in a row

Prices had sold off with risk assets in the immediate wake of the U.S. jobs data for May as they were “perceived as ‘hot’ and hawkish for Fed policy” and “ultimately negative for growth and consumer demand,” said Tyler Richey, co-editor at Sevens Report Research. “But futures have since recovered as the details of the report were not nearly as strong as the headline would suggest.”

“In the near term, an uncertain and potentially fluid OPEC+ backdrop, simmering geopolitical tensions and perceived resilience could support oil prices and even see a retest of $80 [a] barrel” by WTI crude, he said. “But looking at the longer-term setup for oil, it is less than encouraging with all the telltale signs of a looming recession falling into place at a time when OPEC+ is likely maxed out with regard to their willingness to curb production any further than they already have.”

Also, click here to view the full MarketWatch article published on June 7th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

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Gasoline supplied was the most important figure in the release

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Gasoline supplied was the most important figure in the release: Tyler Richey, co-editor of Sevens Report Research, Quoted in MarketWatch

Oil futures trade lower as U.S. crude supplies unexpectedly rise

Gasoline supplied was “the most important figure in the release as it is a key, high-frequency proxy for consumer gasoline demand and ultimately consumer sentiment and a gauge on general willingness to spend discretionary money,” said Tyler Richey, co-editor at Sevens Report Research. The EIA reported that gasoline supplied surged by 439,000 barrels per day to 9.315 million bpd last week, a fresh year-to-date high and the highest reading since early November of last year, he said.

Also, click here to view the full MarketWatch article published on May 22nd, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

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Tensions remain elevated between Israel and Hamas

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Tensions remain elevated between Israel and Hamas: Sevens Report Analysts, Quoted in MarketWatch

Oil prices finish higher on talk of potential for Iran strike on Israel

“Bottom line, tensions remain elevated between Israel and Hamas and while ceasefire talks are as close as they have been yet, there remain risks of further escalation and a contagion effect in the region, particularly with Iran who recently threatened to close the Strait of Hormuz, which sees about 1/5th of the world’s seaborne oil trade flow through it,” said analysts in Sevens Report Research’s Wednesday newsletter.

Also, click here to view the full MarketWatch article published on April 10th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

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Geopolitical factors remain the primary influence on the oil market

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Geopolitical factors remain the primary influence on the oil market: Sevens Report Co-Editor, Tyler Richey, Quoted in Morningstar

Oil prices fall, but settle above lows, as traders monitor Middle East risks

Geopolitical factors remain the “primary influence on the oil market,” and news that Israel was withdrawing some troops from parts of Gaza was seen as a step toward de-escalation in its military conflict with Hamas, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.

However, reports on Monday indicated that there has been no progress toward a cease-fire agreement between the sides.

Also, Israeli Prime Minister Benjamin Netanyahu reportedly announced that a date has been set for an invasion of Rafah, which has been a “hotly contested issue in the ongoing talks between Israel and Hamas,” said Richey.

“The initial perception of improving geopolitical dynamics between Israel and Hamas initially weighed on oil prices [Monday], but renewed uncertainties about the potential for the military conflict to intensify” saw much of the early losses recovered before the close, Richey noted.

Also, click here to view the full MarketWatch article published on Morningstar on April 9th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

Oil Inventories

Lastly, If you want research that comes with no long-term commitment, yet provides independent, value-added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Data from the EIA was largely bullish

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Data from the EIA was largely bullish: Sevens Report Co-Editor, Tyler Richey, Quoted in MarketWatch

Oil futures edge lower early Thursday

“Yesterday’s weekly inventory data from the EIA was largely bullish but the futures market had become overbought and there was a knee-jerk selloff in the immediate wake of the release as short-term traders booked profits on the latest breakout to new 2024 highs,” analysts at Sevens Report Research wrote in a note.

Also, click here to view the full MarketWatch article published on March 21st, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

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Expectations of a “higher-for longer” policy by the Federal Reserve

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Expectations of a “higher-for longer” policy by the Federal Reserve: Tyler Richey Quoted in Morningstar

U.S. oil prices stretch gains into a sixth straight session

Expectations of a “higher-for longer” policy by the Federal Reserve are weighing on the demand outlook and have therefore acted as a headwind for U.S. benchmark oil prices recently, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.

However, Monday’s New York Fed Consumer Survey data showed a drop from 2.6% to 2.4% in the three-year inflation outlook, which was “received as dovish by the markets and helped support the domestic oil market to start the week,” Richey said.

On Tuesday, focus will shift to the U.S. CPI report, he said. A “hot” print would once again be a “headwind for oil prices, while a favorably ‘cool’ print could send WTI futures beyond $80” a barrel for the first time in 2024.

Also, click here to view the full MarketWatch article published on Morningstar on February 12th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

Oil Inventories

Lastly, If you want research that comes with no long-term commitment, yet provides independent, value-added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

The Oil Market Has Seemed Skeptical

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The Oil Market Has Seemed Skeptical: Tyler Richey Quoted in Morningstar

Oil prices finish higher as traders weighs risks tied to U.S. airstrikes

The oil market has “seemed skeptical of the potentially positive demand implications of the recent string of strong economic data,” though prices did move up in the wake of the better-than-expected ISM report, Tyler Richey, co-editor of Sevens Report Research, told MarketWatch.

As far as what to watch for this week, Richey said a rise in consumer demand for refined products metrics in the weekly Energy Information Administration report due out Wednesday would be a bullish development, while a return to record U.S. oil output would be “negative for prices in the near term.”

Also, click here to view the full MarketWatch article published on Morningstar on February 5th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

Oil Inventories

Lastly, If you want research that comes with no long-term commitment, yet provides independent, value-added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Gasoline And Distillate Fuel Supplied Fell Off A Cliff

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Gasoline And Distillate Fuel Supplied Fell Off A Cliff: Tyler Richey Quoted in Morningstar

Oil futures settle lower after ‘massive’ weekly rise in U.S. oil-product inventories

Gasoline and distillate fuel supplied, which is typically viewed as an implied measure of consumer demand, “fell off a cliff.”Tyler Richey, Sevens Report Research

The roughly 20 million-barrel surge in refined product stockpiles was “largely the function of the massive drop off in deliveries around Christmas and New Year’s, which is notably typical in late December and early January,” he said.

Also, click here to view the full MarketWatch article published on Morningstar on January 4th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

Oil Inventories

Lastly, If you want research that comes with no long-term commitment, yet provides independent, value-added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.