Overall, the fundamental backdrop for the oil market is “mixed with ominous coronavirus trends being offset by vaccine optimism, while faltering economic growth…” said analysts in the latest Sevens Report Research newsletter. Click here to read the full article.
On balance, the supply data Wednesday were “bullish for energy as oil stockpiles and production fell while…” analysts at Sevens Report Research wrote in Thursday’s newsletter. Click here to read the full article.
“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.
“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…” said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
“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.
“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.
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.
“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.
