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Sevens Report Co-editor Tyler Richey Quoted in MarketWatch on July 23, 2020

“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.

Sevens Report Co-Editor Tyler Richey Quoted in MarketWatch on June 15, 2020

“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.

Oil Pipe line

Sevens Report Co-editor Tyler Richey Quoted in MarketWatch on May 19, 2020

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.

Sevens Report Co-editor Tyler Richey Quoted in Hellenic Shipping News on April 27, 2020

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…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.

Tyler Richey

Tom Essaye Quoted in CNBC on April 24, 2020

“Looking ahead, it’s still all about demand for oil right now, and so far there is little evidence to support the idea…” said Tom Essaye, founder of The Sevens Report. Click here to read the full article.

CNBC_Graph

Tom Essaye Quoted in Oil and Gas 360 on April 21, 2020

“The oil market is sending a bold warning that economic growth may not recover nearly as quickly as some equity investors would hope…” wrote Tom Essaye, president of the Sevens Report, in a Tuesday note to clients. Click here to read the full article.

Oil Rig

Sevens Report Co-editor Tyler Richey Quoted in MarketWatch on April 23, 2020

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.

Oil Rig

Tom Essaye Quoted in CNBC on April 22, 2020

“The historic drop by front month oil futures was largely due to logistical issues in the physical market, namely lack of available storage, paired with futures expiration looming…” wrote Tom Essaye, founder of The Sevens Report. Click here to read the full article.

Sevens Report Co-Editor Tyler Richey quoted in The Market Herald on April 16, 2020

“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 at Sevens Report Research told MarketWatch. “Until we see consumption of refined products…” Click here to read the full article.

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Oil Rig Counts and the Energy Market Crash

What’s in Today’s Report:

  • Why Did Stocks Rally 3% Yesterday?
  • U.S. Oil Rig Counts Plunged Last Week – Here’s Why that Won’t Stop the Oil Crash… Yet

U.S. stock futures are hanging on to modest gains while international markets were mixed overnight as global equities are poised to close out their worst quarter since 2008.

The growth rate of new COVID-19 cases in the U.S. encouragingly slowed to a one month low of just 13% yesterday.

Economically, data out of China, Japan, and the EU was all better-than-feared, helping drive the tentative risk on money flows this morning.

Today, there are two economic reports to watch: S&P CoreLogic Case-Shiller HPI (E: 0.4%) and Consumer Confidence (E: 111.0) while no Fed officials are scheduled to speak.

The Consumer Confidence report could move markets in early trade however investor focus will largely remain on the coronavirus outbreak statistics and ongoing government response to the pandemic while end of quarter book squaring could lead to an uptick in volatility over the course of the day. Near term momentum continues to favor the bulls though and the path of least resistance remains higher right now as the relief rally continues.