WTI

$100/barrel Landmark Oil Price Possible?

  • Oil prices lurching back to $100/barrel is now a distinct possibility, says analysts.
  • Prices are up so far this year due to vaccines roll out and demand in major economies, particularly the U.S. and China.
  • Last year, oil demand saw a historic drop of 8.8 million barrels/day.
  • Brent and WTI are now up between 40% and 45% this year.
  • Consumers have other options as prices for electric vehicles come down, and oil prices go up.
  • Forecasts of $100 barrel oil rest on assumptions of strained supply and...

https://mfame.guru/100-barrel-landmark-oil-price-possible/

Oil Outlook Spikes Amid COVID-related Fuel Demand

Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday.

COVID impact on gains

The poll of 39 economists and analysts conducted in the second half of December forecast Brent crude prices would average $50.67 per barrel next year. That is up from a poll last month that forecast a 2021 average price of $49.35 per barrel but little changed from Brent trading at...

https://mfame.guru/oil-outlook-spikes-amid-covid-related-fuel-demand/

Commentary: Your railroad contingency plan?

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

Now a third of the way into the fourth quarter, how is 2020 going to end up for the U.S. freight railroads?

It’s going to be a mixed bag.

There are plus and minus indicators as we look closely at the data year-to-date. 

Yes, third-quarter economic recovery has lifted railroad volumes back up — but not for every rail-moved business commodity segment.

Table 1 shows two...

https://www.freightwaves.com/news/commentary-your-railroad-contingency-plan

Global Stimulus Measures Support Oil Prices Amid COVID-19

  • Global stimulus measures underpin prices even as demand struggles post-COVID-19.
  • Brent crude futures for November were unchanged at $45.81 per barrel.
  • U.S. West Texas Intermediate crude was at $43.05 a barrel, up 8 cents.
  • WTI reached $43.78 a barrel on August 26.

According to an article published in CNBC, oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID...

https://mfame.guru/global-stimulus-measures-support-oil-prices-amid-covid-19/

Oil Prices Recoup Amid OPEC+ Cuts Pushing Demand

  • Demand seen falling by about 6.5-8.7 million bpd in 2020.
  • Around 26 contributors raise 2020 Brent price forecasts.
  • Second virus wave poses downside risk to prices-analyst.

Oil prices will consolidate at around $40 a barrel this year, with a recovery gaining steam in the fourth quarter and into 2021 on OPEC-led production cuts and as economies limp back from coronavirus lockdowns, a Reuters poll showed.

A modest recovery

The survey of 45 analysts forecast benchmark Brent crude would average...

https://mfame.guru/oil-prices-recoup-amid-opec-cuts-pushing-demand/

Prolonged Unsustainable Oil Prices To Cause Supply Gap

  • Current low oil and gas prices are unsustainable and if they last longer, it could lead to energy shocks.
  • If low oil prices persist for a long period, some of the current high-cost producers will drop out leaving a supply gap, pushing prices higher.

UAE says low oil prices are unsustainable and warns of shocks, reports the Economic Times.

Signs of rising demand

UAE Energy Minister Suheil al-Mazrouei, on June 15, said current low oil and gas prices are unsustainable and warned that if they last...

https://mfame.guru/prolonged-unsustainable-oil-prices-to-cause-supply-gap/

World Oil and Bunker Market Witnesses An Upward Trend

  • OPEC and key ally Russia moved a conference call to discuss future output cuts.
  • Brent for August settlement increased by $1.25 to $39.57 a barrel.
  • West Texas Intermediate for July rose by $1.37 to $36.81 a barrel on the New York Mercantile Exchange.
  • The Brent benchmark traded at the premium of $2.76 to WTI. Gasoil for June delivery added $20.25.
  • Oil prices have soared thanks to record supply cuts by OPEC+.
  • U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for...

https://mfame.guru/world-oil-and-bunker-market-witnesses-an-upward-trend/

Economic Restarts Put a Positive Spin on Crude Futures!

  • WTI and Brent climbed and was seen highest since March 10.
  • US, Japan, UK continue to ease lockdowns by taking down restrictions on trade and non-essential travel.
  • Price recovery could prompt US shale oil production increase.

Crude futures settled higher amid signs that the continued reopening of economies in the US and Europe could bring balance to oversupplied oil markets in coming weeks, write Chris van Moessner and Starr Spencer for Platts.

NYMEX July WTI settled $1.10 higher at $24.35/b and...

https://mfame.guru/economic-restarts-put-a-positive-spin-on-crude-futures/

Oil Continues To Rally As Crude Inventories Fall!

  • Oil jumps after API reports draw in crude oil inventories and API estimated a large build in crude oil inventories of 7.58 million barrels.
  • Oil production in the United States fell from 13.1 million bpd to 11.6 million bpd – a drop of 1.5 million bpd.
  • Distillate inventories were up by 5.1 million barrels for the week while Cushing inventories saw a draw of 5 million barrels.

Oil jumps after API reports draw in crude oil inventories, writes Julianne Geiger for Oil Price.

Large crude oil...

https://mfame.guru/oil-continues-to-rally-as-crude-inventories-fall/

Texas Light Sweet Crumbles in Symmetrical Triangle!

  • WTI June Futures refreshes intraday low to near 100-HMA.
  • A short-term symmetrical triangle limits immediate moves.
  • 200-HMA, early-month tops offer strong downside support.

While stepping back from the two-day-old falling trend line, WTI June Futures on NYMEX drop to $23.92, down near 3.30% on a day, during Monday’s Asian session, writes Anil Panchal for FX Street.

Decline in black gold

The black gold currently declines towards a 100-HMA level of $23.82 ahead of visiting the triangle’s support...

https://mfame.guru/texas-light-sweet-crumbles-in-symmetrical-triangle/

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