The “primary risk to oil prices remains to the downside as recession warnings from the Treasury market point to a potential collapse in consumer demand in the coming months or quarters,” analysts at Sevens Report Research wrote. Click here to read the full article.
The release plans were part of a congressional-mandate related to annual budgets that has been in place for almost a decade, Tyler Richey, co-editor of Sevens Report Research, told MarketWatch. But “when traders see an SPR release headline cross the wires, they think ‘more supply on the market’ and hit the sell button first and ask questions later.” Click here to read the full article.
Overall, “an improving outlook for the health of the U.S. economy in the wake of the January jobs report, and ongoing optimism about the positive demand impact of China’s rapid reopening process are offering support to global oil markets right now,” said the Sevens Report’s Richey. Click here to read the full article.
Gold came into the week in overbought territory as the precious metals have enjoyed solid gains since the early November lows, thanks to the dual tailwinds of a falling dollar and declining interest rates,” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Trader conviction “is low given renewed hopes for a soft landing and optimism about China reopening (bullish) being weighed against economic uncertainties and growing concerns about the Department of Energy’s commitment to buy oil at $70/barrel due to funding and liquidity issues (bearish),” wrote analysts at Sevens Report Research in a Wednesday note. Click here to read the full article.
The technical outlook remains bullish for gold near term, but “if we see rates and the dollar begin to rise, we are likely to see much of the November rally retraced in the weeks ahead,” analysts at Sevens Report Research wrote in Wednesday’s newsletter. Click here to read the full article.
Now, whether the market is poised to fall another 10% from this new resistance level (which would be down towards the 3,400 area) remains to be seen and a squeezy leg higher is still a very good possibility… Tom Essaye said. Click here to read the full article.
The 219 billion-cubic-foot weekly fall in U.S. supplies of the fuel reported by the Energy Information Administration Thursday leaves stockpiles more than 10% below last year’s levels…said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Supply concerns continue to linger after production and pipeline outages overseas buoyed prices last week…Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Click here to read the full article.
Oil futures moved sharply higher on Monday, with U.S. prices posting their highest settlement in a week, buoyed by some doubts that an Iran nuclear deal will be reached anytime soon. A lack of cooperation by Iran, as well as “skeptical comments about Iranian compliance” by U.S. Secretary of State Antony Blinken, both “lower the odds that a new agreement is…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
