“Historically, good economic data is negative for gold but in this case, real interest rates declined in the wake of the release, as rising…” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Click here to read the full article.
“What does that mean for us? It means stay long stocks in longer-dated accounts, and make sure…” Sevens Report Research founder Tom Essaye recently explained to Yahoo Finance.
“Oil has shown resilience this week” with WTI prices just shy of multi-month highs thanks, in part, to “optimism that a COVID-19 vaccine will eventually help the global economy normalize…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
Tyler Richey, co-editor of Sevens Report Research, said oil prices did get a boost after Gilead Sciences Inc. GILD, 1.97% said clinical trial data show its antiviral drug remdesivir reduced the risk of death for coronavirus patients by 62%. The news also provided support to the U.S. stock market. “Oil futures have been trading with a high degree of correlation…” said Richey. Click here to read the full article.
“The second quarter will not soon be forgotten by energy traders given that WTI crude oil futures plunged into negative territory for the first time in history, and decidedly so, in the month of April…” said Tyler Richey, co-editor at Sevens Report Research. That was “due to logistics issues in the physical supply chain, most notably a critical lack of available storage for freshly lifted crude barrels in the U.S.” On April 20, WTI oil futures fell 306% to settle at negative $37.63. Click here to read the full article.
“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.
