“Looking ahead, we expect some consolidation in oil prices here as economic data has been largely better than feared, while the future remains very uncertain regarding the prospects of a ‘second wave’ that could cripple the energy supply…” said Tyler Richey, co-editor at Sevens Report Research.
Futures prices traded in contango last month, when the May contract settled at a negative price on April 20, a day ahead of its expiration. “There was limited refinery demand and clearly…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Despite the drop in active rigs, the EIA on Wednesday showed domestic oil production “perfectly unchanged” at 12.2 million barrels per day, “relative to the corresponding week in 2019…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“Despite the efforts by global oil producers to curb production in order to balance the market over the last week, the world is still facing a massive demand issue,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. “Until we see consumption of refined products begin to recover, resulting in…” Click here to read the full article.
Gold futures finished lower on Tuesday, easing back after briefly climbing above $1,700 an ounce for the first time since late 2012. There was a “follow through short-squeeze” in gold prices early Tuesday following…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“With the global economy slowing to a standstill and consumer demand for refined products…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“Oil is the only market that is more volatile than stocks right now, as futures traders continue to digest the implications of the new price war…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
U.S. oil futures settled more than 10% higher on Tuesday, rebounding a bit a day after posting the largest percentage loss since 1991. Tuesday’s rebound for oil is “relatively modest” compared to Monday’s plunge, said Tyler Richey, co-editor at Sevens Report Research. “We could easily see a retracement higher in prices in the days and weeks ahead…Click here to read the full article.
OPEC’s recommendation for the 1.5 million barrel per day cut was “a bullish surprise versus expectations on the surface, however, Russia was not willing to participate in the…” which total 500,000 barrel per day, said Tyler Richey, co-editor of Sevens Report Research. Click here to read the full article.
The EIA, however, also reported that domestic production edged up to a fresh all-time high of 13.1 million barrels a day and “exports from the U.S. climbed to their second highest level on record, suggesting that the U.S…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
