While data shows rising US inventories, fears of weaker demand also increase pressure on Oil prices. According to the American Petroleum Institute, released late Tuesday, US crude oil inventories rose by about 3.3 million barrels last week, contrary to the market expectation of about a 1.6 million barrels decrease. If the Energy Information Administration confirms […]
The Oil price still wanders between different data and economic outlooks. While the prospect of more demand from China helps the bulls, concerns over a possible recession hold them back from moving further. Last week’s Russian threat to cut 500K bpd raised market tension and concerns, which usually favor the bulls. Oil prices rose this […]
2023 started with many surprise data from different economies, Chinese reopening, decreasing inflating across the globe, and upward revisions by the World Bank to better economic growth expectations. This article will review the most known symbols and watch what we expect in February. US DOLLAR The US dollar started the year with a 2% gain […]
WTI under $73, where next? While Oil and Gas prices are decreasing, OPEC-JMMC decided not to change the production cuts agreed upon in October. They agreed to cut 2 million barrels daily to balance out reduced demand in October. In its last Wednesday’s meeting, the committee decided to maintain its production target until the end […]
While US Oil prices used to rise in the past two weeks based on a positive demand outlook from China after reopenings, looking at recently published data from different economies cannot make us so hopeful. China’s 2022 GDP should have met the 5.5% expectations. The main market driver for energy, and especially the oil market, […]
After today’s Fed Chair Powell’s speech, stock markets had slightly positive reactions; investors need clarification about the Oil market’s future. Earlier today, Fed Chair Jerome Powell, in opening remarks of a conference on central bank independence in Sweden, said: “Restoring price stability when inflation is high can require measures that are not popular in the […]
Central banks -excluding PBoC- were hawkish enough to increase the risk of recession, reducing energy demand. On top of that, we had fragile economic data from the most developed economies, mainly China, reigniting fears that the poor economic outlook and looming stagnation will reduce oil demand. We can see a bullish trend in the H1 […]
Like every Tuesday and Wednesday, we had API and EIA weekly inventory reports. According to Tuesday’s American Petroleum Institute report, the levels of US crude oil inventories fell by -6.426M barrels, almost twice more than -3.884M of expectations, but less than -7.850M barrels of the week earlier. We could see the same reduction in the […]
OPEC meeting will start today, December first to set policy and the amount of output and supply. And then on the second day, they will make the final decision in consultation with non-member allies, called OPEC+. This is while the weak economic prospects and geopolitical tensions have cast a shadow on all decisions. Market participants […]
Last Friday WTI tested the price under $80 for the first time since September 28. The downtrend continued at the beginning of this week as well, to test the $75.20 on Monday. However, right after that bulls regained all their losses on Monday to close at the opening price, a little above $80. The bears […]
OPEC published its monthly report for November 2022 on Monday. According to this report, OPEC lowered global oil demand growth for this year and 2023. The Organization of the Petroleum Exporting Countries expects that global oil demand to grow by 2.55 million bpd in 2022, down from 2.65 million bpd in the previous month’s report, […]
Crude prices fell sharply this week as Inventories in the US increased, concerns over global economic recession grew, and rumors about the resurgence of the coronavirus in China have increased. However, Thursday’s US inflation numbers changed the market sentiment. Coronavirus spreading in China was one of the determining factors for the Oil price in recent […]
Positive sentiments in the stock markets, eyes on inflation and labor markets. Geopolitical tensions and inflation fears across the globe will likely keep the high volatility over the remainder of 2022. Even if they were a bit softer and more cautious in recent meetings, central banks continue to set measures to control inflation, which can […]
Oil gains more than almost 5% in the past two days to ignore API and EIA inventory reports. On Tuesday, the American Petroleum Institute reported a 4.520M inventory increase in the past week, while the market was expecting just a 0.200M increase. And later on, Wednesday, the Energy Information Administration’s (EIA) Crude Oil Inventories reported […]
The month that we should wait for the Fed meeting at the beginning of next month! After the peak and decline in September, it sounds that financial markets in October also will be affected by the USD movements. Looking at the US dollar chart can give us an overall outlook on global economic conditions. On […]
Earlier this week on Wednesday, OPEC+ members met in Viena. In an almost strict decision, the Organization of Petroleum Exporting Countries and its allies (OPEC+), said it would cut supply by 2 million barrels per day (bpd), and a 3.5 million bpd shortfall in its daily production to counter recent weakness in crude prices, while […]
Oil prices bounced back on Wednesday from the 2022 low, after unexpected US crude and fuel stockpiles drawdowns. Of course, the US dollar return from above 114.70 under 113 also help the Oil price recover with less-expensive US dollar. According to the EIA weekly report, US crude stocks fell by 215,000 barrels in the week […]
The US market on Tuesday opened lower as investors prepared for the FOMC announcement and economic projections. Federal Reserve Open Market committee’s meeting starts today, and we will have the announcement, economic forecasts, and Fed chair Powell’s press conference tomorrow after two days’ meeting ends. Economic conditions VS geopolitical concerns! At the beginning of Tuesday’s […]
