2020-12-11 11:05:00
THIN OIL MARKET
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Andy Warr, contributor, Owner of Tophat Finance company.
Tophat Finance deals in transmission of trading data for financial instruments (FX, Indices Futures, OIL, Metals(XAG/,XAU)) with Quantitative Analysis and Research to interested clients so as to gain financial wealth & knowledge. |
It's a day after the release of the EIA Report conclusively stating a huge build(-1.424m forecast over a 15.189m actual),
The reaction in the Oil(LCoCL & LCOC1) came about with a 0.60$/bbl drop average after the release of the report concluding prices at 45.20$/bbl on the WTI.
At the Open of todays European Session, the BRENT was trading at 49.00 price average shrugging off the build and shifting more focus towards the demand and recovery.
The range for the WTI has been a ceiling cap at 46.10$/bbl average and a floor at 45$ holding,a good haven for those on the scalping strategy with respect to the weekly data.
As we await on more news with regards to the vaccine,will keep you updated on developments and also keep in mind the long term effects of the build that was reported.
Tread with prudence and enjoy your holidays too.
Regards,
Andy Warr,
TophatFinanceGroup
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Earlier:
2020, December, 10, 12:15:00
OIL PRICE: NEAR $49 YET
Brent climbed 12 cents, or 0.3%, to $48.98 a barrel. WTIrose 14 cents, or 0.3%, to $45.66 a barrel .
2020, December, 9, 11:45:00
OIL PRICES 2021: $47 - $50
Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter.
2020, December, 9, 11:35:00
OPEC+ PRODUCTION CUTS 100.2%
OPEC+ compliance with its production cuts stayed stable at 100.2%.
2020, December, 8, 13:05:00
OPEC+ OIL PRODUCTION CUTS 7.2 MBD
In April 2020, the OPEC+ decided to cut their overall crude oil production by 9.7 mb/d over the 1 May 2020 - 30 June 2020 period, in an attempt to reduce the global oversupply and to firm up depressed oil prices in a context of COVID-19 pandemic.
2020, December, 4, 12:40:00
OIL PRICE: ABOVE $49
Brent was up $1.04, or 2.1%, at $49.75 a barrel . WTI rose 84 cents, or 1.8% to stand at $46.48 a barrel.
2020, December, 1, 13:25:00
OPEC: OIL DEMAND GROWTH 6.1 MBD: 2021
Next year, the global economy is forecast to return to growth, expanding by an estimated at 4.4%, and oil demand growth is expected to be high, in the tune of 6.1 mb/d.
2020, November, 30, 12:00:00
OPEC+ RUSSIA CONSENSUS
Saudi Arabia and Russia had invited ministers on the nine-country monitoring committee that they co-chair to informal discussions to hash out positions ahead of the official meeting.
