Both OPEC and the IEA revised their oil demand forecasts downwards again this week, Commerzbank commodity analyst Carsten Fritsch notes. Oil market to face a significant oversupply next year “OPEC now expects an increase of 1.9 million barrels per day this year and 1.7 million barrels per day next year. That is 100,000 barrels per […]
Oil prices have fallen sharply since the beginning of the week, Commerzbank’s FX analyst Carsten Fritsch notes. Price of Brent oil slides below the $75 “The price of Brent oil slid below the $75 per barrel mark in the morning, after trading at just under $79 on Friday. Yesterday, weak data from China initially led […]
European gas demand is down 10% y-o-y due to weak demand from the power and heating sector, while industrial gas demand remains flat, Rabobank’s commodity analysts note. Geopolitical tensions continue to drive price volatility “A colder-than-usual winter will increase heating demand and competition for LNG, but Europe is unlikely to come out as the premium […]
Commodity Trading Advisor (CTA) trend followers have pummeled crude oil markets over the last sessions, Daniel Ghali, TDS Senior Commodity Strategist, notes. Oil bulls face challenges from the supply-side “While algos have just a few more bullets to fire, CTAs are now approaching their effective ‘max short’ positions in crude markets, with several consecutive whipsaws now diminishing the […]
Large-scale CTA selling activity is hitting the tapes in crude oil markets, TDS Senior Commodity Strategist Daniel Ghali notes. CTAs to shed their entire position long in Brent crude “We expect CTAs to shed their entire position long in Brent crude this session and build a net short position, with additional scope to sell WTI […]
Share: Open interest in natural gas futures markets reversed the previous daily drop and went up by nearly 12K contracts on Tuesday according to preliminary readings from CME Group. Volume, instead, shrank by around 41.6K contracts, partially setting aside the previous daily build. Natural Gas faces the next up barrier at $3.00 Prices […]
Share: WTI increased more than 1% on Friday and found resistance near $81.30, above the 20-day SMA. US Oil and natural rigs decreased for the sixth week in a row. The USD trading neutral allowed the black gold to gain traction. Chinese financial woes may limit the WTI’s upwards momentum. At the end […]
Share: US crude oil benchmark, WTI, rises for the third consecutive day, trading at $83.48, up by 0.80%. Oil demand is predicted to grow by 2.25 million bpd in 2024, down from 2024’s 2.44 million bpd, according to OPEC+. Weakness in China’s economy could dent oil demand. Western Texas Intermediate (WTI), the US […]
Share: WTI retreated below the $83.00 area, still trading in highs since mid-April correcting overbought conditions. Soft inflation figures from the US and weaker USD limit losses. Eyes on the Fed speaker later in the session WTI’s outlook remains positive amid tighter global supplies. On Thursday’s session, the West Texas Intermediate (WTI) saw more than […]
Share: With inflation receding faster in the US than Europe, economists at UBS expect the Dollar to weaken. More investors to seek yield in Europe rather than the US One key consequence of the steady retreat in global inflation will be a weaker US Dollar as price pressures ease faster in the US […]
