Citing an internal report prepared for the upcoming Joint Technical Committee meeting, Reuters reported on Monday that OPEC+ trimmed its oil market surplus forecast for 2022 to 1 million barrels per day (bpd) from 1.4 million bpd previously. Market reaction Crude oil prices gained traction after this report. As of writing, the barrel of West … Read more
WTI recently fell to fresh session lows and is eyeing a test of its 21DMA pre-Fed rate announcement. Commentary about a weak outlook for demand growth and China lockdowns is being cited as weighing. But oil markets look set to remain right for the rest of the year amid OPEC+ output woes. Front-month WTI futures … Read more
WTI has broken to fresh multi-month highs in the $123s on Tuesday, in keeping with the recent bullish trend. OPEC supply woes were in focus after the cartel said output fell in May (versus the planned hike). Traders will be watching the China lockdown situation and macro reaction to this Wednesday’s Fed meeting. In fitting … Read more
WTI is a little lower but still trading near $120, weighed slightly amid risk-off conditions and China lockdown worries. Weak US data, a surprisingly hawkish Fed and tough restrictions in China could combine to send WTI towards its 21DMA. Though still a little lower on the day, oil prices pared the bulk of earlier session … Read more
WTI prices have fallen back below $120 on Friday as China lockdown worries return and amid risk-off Wall Street flows. Oil now looks on course to close out the week in the red for the first time since early May. But WTI remains locked within an uptrend in play since April and dips remain subject … Read more
WTI is holding near Thursday’s highs in the $117s despite risk-off Wall Street flows post-strong US jobs data. OPEC+’s announcement of a faster pace of output quota hikes in July and August hasn’t dettered the bulls. Front-month WTI futures held near Thursday’s highs on Friday, despite US equity markets trading with a downside bias on … Read more
OPEC+ nations agreed on Thursday to lift output by 648K barrels per day (BPD) in both July and August, according to sources speaking to Reuters, in line with the recommendation made by the group’s Joint Ministerial Monitoring Committee earlier in the day. .
WTI is a little higher on the day in the $116s, though still below Tuesday’s near-$120 highs. The WSJ speculated that Russia might leave OPEC+ and some other OPEC+ might up output. For now, Russia/OPEC+ supply woes, tight global markets, rising summer demand in the US/Europe are keeping prices supported. Oil prices have stabilized pulling … Read more
Reuters reports that Russian Foreign Minister Sergei Lavrov on Tuesday met Saudi counterpart Prince Faisal bin Farhan Al Saud and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said. “They noted the stabilizing effect that the tight cooperation between Russia and Saudi Arabia has on world markets for hydrocarbons in … Read more
WTI has stabilized just below monthly highs near the $114 level, as bulls eye a push towards $120. Familiar themes of strong US demand, EU/Russia oil sanctions, OPEC+ output struggles and easing Chinese lockdowns are supporting prices. WTI looks set to end the week around $3.50 higher. Oil prices have stabilized close to monthly highs … Read more