Crude Oil Price Forecast - Crude Oil Continues to Look Vulnerable - FX Empire

Crude Oil Price Forecast - Crude Oil Continues to Look Vulnerable - FX Empire

Crude Oil Price Forecast - Crude Oil Continues to Look Vulnerable - FX Empire

Posted: 13 Nov 2020 10:05 AM PST

WTI Crude Oil

The West Texas Intermediate Crude Oil market has dropped a bit during the trading session on Friday, dipping below the 200 day EMA. As we approach the $40 level, traders will begin to look at that large figure as a potential support barrier, but at the end of the day we are still stuck in the same range we have been in for some time. Because of this, I am not looking for any type of bounce from here, and quite frankly if we do bounce from here, I think it is only a matter of time before we sell off again. I do believe that we continue to see negativity, at least in the short term to reach towards the bottom of the range that is marked on the chart.

Crude Oil Video 16.11.20


Brent markets also look a bit vulnerable as we had a slightly negative trading session. That being said, the market is likely to continue to go looking towards the 50 day EMA, perhaps even lower than that. The demand for crude oil simply is not going to be there and we had a less than bullish inventory figure came out on Thursday to drive that point home. As it looks like we are going to continue to see a lack of demand due to economy shutting down, it makes quite a bit of sense that the crude oil markets continue to go lower. I fade rallies, and I do believe that we go looking for the short-term charts for signs of exhaustion that we can take advantage of. At this point in time, I have no interest in buying crude oil whatsoever.

Why The Oil Industry Is Set To Thrive For Decades To Come -

Posted: 15 Nov 2020 02:00 PM PST

Modern innovation is helping the oil industry to keep up with the competition by cutting costs, addressing safety concerns, and incorporating better data analytics to continually improve upon existing systems. As we face increased global uncertainty over the demand for oil as well as its price, digitalization and the introduction of new technologies will help the industry to tackle these challenges head-on.  Supply chain costs have always been one of the oil and gas industries major costs, a cost that has been rising in recent years. Due to the complexity of the system, the use of third parties, and lack of digitalization, the significant inefficiencies in industry supply chains lead to greater costs and project delays. A 2017 Weforum report stated that the potential value of the digital transformation of the oil and gas industry could be as high as $2.5 trillion, if operation constraints are relaxed to welcome modern technologies. 

Furthermore, the digitalization of the industry could have a positive impact beyond financial savings and earnings. New technologies could lead to a significant reduction in CO2 emissions. We can expect to see an estimated equivalent reduction of 1,300 tons of CO2, 800 million gallons of water, and a decrease of 230,000 barrels of oil lost in oil spills. 

New technologies are being rapidly introduced by major players in the industry. For example, digital twins provide interactive 3D simulations that engineers can use to maneuver oil platforms and plants remotely when they cannot get to the rig. 

Digital twins, although not a recent innovation, are proving increasingly useful during the current global pandemic. Thanks to advances in computing the technology, they are now being used by the mainstream oil industry, allowing engineers to work remotely. They provide a much-needed response to restrictions such as social distancing, Mitch Flegg, chief executive officer of Serica Energy Plc. told Bloomberg. 

Additionally, we have seen great advances in the use of data analytics. In an EY Global Oil & Gas survey from earlier this year, 85 percent of respondents said they were already using some form of advanced analytics. Analytics has played a huge role in the digitalization of the industry. 

Related: Oil Funds Could See Record Gains In December

EY analyzed 500 oil and gas projects of $1 billion or higher and found that 60 percent of the projects experienced delays and 38 percent went over budget. They found that several of these delays came down to poor data analytics systems. Some of the key failures were the lack of centralized and reliable data, ineffective processes, and the need for the manual transfer of data. Delays in reporting and poor communication times also contributed to these failings. 

Major companies acknowledge the way to combat many of these challenges is through greater digital innovation. In fact, 80 percent of survey respondents highlighted their intention to invest at least a moderate amount in technology to keep up with industry technology trends. Further, 58 percent said there was a rush to invest in these types of technologies in response to the global pandemic. 

While Covid-19 has hindered the oil industry in several ways, reducing demand and production in several areas of the world, it has had some benefits for the industry. For example, the push for greater digitalization and technological innovation is stronger than ever. Companies are rushing to find alternative work options for rig staff due to unpredictable pandemic restrictions. Remote monitoring systems such as drones are being used to survey pipelines and ensure they are in full working order. And economic concerns of the downturn seen earlier this year are being tackled by greater efficiency and automation. 

By Felicity Bradstock for

More Top Reads From

Blackrock and Fidelity Are Betting Big On This $130 Trillion Mega-Trend -

Posted: 15 Nov 2020 04:05 PM PST

This isn't just a megatrend. It's a movement in Big Money, and it's the most profound redistribution of investment that the world's biggest asset and wealth managers have recently seen. 

Big money is fleeing anything that's not sustainable. 

By 2022, PwC says that 77% of institutional investors will stop buying non-ESG products entirely. 

ESG fund assets will account for over 50% of all European fund assets by 2025. 

That's nearly $8 trillion. And it's only the beginning. 

Europe may be trouncing ESG assets right now, but across the Atlantic, there's nearly $120 trillion up for grabs. 

Over 3,000 investors with over $110 trillion in assets under management support ESG investing. Another industry-led group of 70 members with $9 trillion in assets under management does, too.  


Because sustainability isn't just outperforming the market …

It's BIg Money's downside protection against ESG-related risks. 

That's partly why BlackRock, with some $6.5 trillion in assets under management, is now the King of Wall Street. 

And it's why Facedrive (TSX.V:FD, OTCMKTS:FDVRF) -a tech-driven, multi-vertical, next-gen company with an multiple ESG-focused portfolio is grabbing headlines across North America's biggest industries…

From the $5-trillion global transportation industry and the $9 trillion healthcare industry, which is now explicitly tied to the fate of the $850-billion airline industry, to the $600-billion major league sports industry and the $26-billion food delivery segment … 

And the future of Facedrive verticals are multiple … with an uncompromising "people and planet first" viewpoint for everything it does …

From the world's first carbon-offset ride-hailing company and environmentally friendlier food delivery to Tier 1 technology on the frontline of COVID-19, an answer to major league sports' big revenue problem and … most recently, a major push into the U.S. with an EV subscription car service that plans to help change the way North Americans think about owning vehicles--forever.  

Multi-Trillions of Dollars Looking for Somewhere To Invest

This is a new generation of investors, and they're looking for a new kind of investment: One that harnesses the profit of ESG. 

It's about avoiding potential financial losses and enduring scandals that can impact returns and product value. 

That's why PwC says that "public awareness of ESG-related risks has catapulted climate change and sustainability to the top of the global agenda" and that "COVID has accelerated this shift, bringing the real-life impacts of overlooking ESG factors into the spotlight". 

And that's why BlackRock CEO Larry Fink says that "awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance".

That's a multi-million-dollar reshaping of finance …  

It's an expensive lesson for a company like Uber, which disrupted a hundred-year-old dynasty, bringing the taxi industry to its knees within 7 years

But now finds itself on the wrong side of ESG history …

Facedrive (TSX.V:FD, OTCMKTS:FDVRF) is on the right side and it's working to disrupt the transportation industry from two flanking positions: 

#1 Next-Gen Ride-Hailing: The ESG Element

Facedrive's flagship ride-hailing platform was the first to offer riders a choice of EVs and hybrids.

And the first to plant trees to offset its carbon footprint. 

That's because it was the first to foresee the problem with Uber and Lyft: They completely ignored sustainability, with ride-hailing resulting in nearly 70% more pollution than whatever transportation it displaced. 

It's the first to bring cities and communities on as stakeholders, and it's the first to treat its drivers as people who deserve living wages. 

#2 The Transportation Revolution 

When you combine the $5 trillion global transportation industry with an energy industry whose renewables sector is growing dramatically, you get one of the most lucrative marriages of industry yet ... 

Steer, backed by an Exelon (NASDAQ:EXC) subsidiary, is planning the biggest disruption the global transportation industry has seen in decades. 

And it was just acquired by Facedrive

Washington, D.C.-based Steer is a high-tech vehicle subscription service that isn't planning to simply disrupt the auto industry and change the way we "own" cars … 

This seamless, hassle-free technology is grabbing onto the ESG megatrend by giving subscribers access to their own virtual garage of low-emissions vehicles and EVs. 

Not only is Steer planning to upend the auto industry by offering an alternative to the tradition of owning, leasing or renting vehicles for everyday use … but it's also promising to give the EV industry itself a huge boost. 

That deal includes a $2-million strategic investment by Exelon's wholly-owned subsidiary, Exelorate Enterprises, LLC. 

Multiple Verticals, Limitless ESG

From the best in high-tech contact-tracing tech that could help airlines, to a solution for revenue-starved major league sports, the verticals here are dizzying--but they're all ESG, and they're all high-tech. 

Facedrive engineered a major coup at the height of the COVID pandemic, launching TraceSCAN, a homegrown Canadian COVID-19 tracing solution and the only viable application that features Bluetooth wearable tech integration. 

It's also got one of the biggest labor unions in the world on board, and more recently--official endorsement from the Government of Ontario, which is supporting its deployment--far and wide.

That's because it's the only tech that can effectively help trace coronavirus infections without use of a smart phone, and it could become crucial to open operations on everything from Parliament Hill's major renovation project in Ottawa, to corporate offices, sporting events, healthcare facilities, long-term care facilities and outdoor venues. 

But the biggest TraceScan coup took place just two weeks ago, when giant Air Canada signed a deal to launch a TraceScan pilot project for its employees. 

Facing $1 trillion in losses now, and on track to shed 100 million jobs before the year is out, the global tourism industry is in trouble and contact-tracing is one of the best chances it has of getting things back on track. 

Millions of workers around the world, from construction and medical to education and security, can't operate with a phone in hand 24/7. Nor can the at-risk elderly.

TraceSCAN Wearables take contact-tracing to a brand new level. Facedrive combines complex algorithms in an AI-enabled mobile application with wearable devices built on the industry standard nRF52 Bluetooth chipset.  

It's a fully mobile COVID-19 alert on a wristband, in a tag worn around the neck or in a pocket pod. And it intends to get us back to work, and back to fun--safely.  

The news flow is expected to be packed with deals beyond Air Canada …

And if you think contact-tracing, EV subscriptions and ride-hailing don't have anything to do with each other …

Think again. 

It's all high-tech. 

Which brings us to the next exciting vertical to come out of the Canadian 'Silicon Valley' company: 

One of the most interesting deals to come out of major league sports … with a tie-in to the world's tech monoliths. 

In August, Facedrive (TSX.V:FD, OTCMKTS:FDVRF) acquired Tally Technologies, the high-tech major league sports predicting startup founded by NFL superstar Russel Wilson.

Their plan? To create new revenue opportunities for major league sports. 

The NFL, NHL, and NBA know it. It's their next best chance for revenues, which depend on fan engagement that has been culled during a pandemic. 

This is where the "gamification" of online major league sports engagement gets real with a free-to-play, predictive platform that gets fans hooked, and keeps them there. 

And all of this evolved out of TraceMe, a celebrity content app founded by Wilson with money from the investment vehicles of the Who's Who of the supermajor tech world

The biggest names on Wall Street are shifting their capital, in big numbers, and these are the ESG verticals they're looking for … 

The news flow for ESG has a climate change, pandemic and "people and planet" first momentum that is fast and furious, and Facedrive's (TSX.V:FD, OTCMKTS:FDVRF) deal flow is just as fast.

The ESG Trend Is Heating Up

Tech giants across the board are diving head-first into the sustainability push. Facebook (NASDAQ:FB), for its part, has taken an innovative approach in its efforts to reduce its carbon footprint. Its data centers are some of the most resource-efficient on the planet, and it's become an example for the entire industry.  And by the end of the year, it will have 100% of its data centers running on green energy. A massive and ambitious undertaking. But if anyone can do it, it's Facebook.

Facebook has even gone a step further with its focus on building more sustainable workplaces. It's building designs incorporate a number of renewable energy sources and water recycling methods, in addition to promoting the recycling and sustainability of all products consumed on site.

Facebook is by no means the only tech company pushing this trend, either. Microsoft, Google and Apple are on making major moves to clean up their acts, as well. And not only is it a big draw for investors, it's forcing other industries to make changes, as well.

Microsoft (MSFT) is a prime example of a company pushing sustainability into the center stage of its operations. In fact, Microsoft is going above and beyond in its carbon emissions pledge. It is aiming to be carbon neutral in the next decade. Not only is the tech giant taking a leadership role in reducing its carbon emissions, but it is also at the forefront of a technological wave that is actively helping other companies curb their emissions, as well.

Microsoft has created numerous resources to help monitor and evaluate the impact of different businesses on the environment, helping gather data to better understand where and how the world can improve. Additionally, Microsoft is creating tools to better regulate the use of water and curb the world's growing waste problems.

Not only has it helped other companies reduce emissions, it's taking a serious stance on the climate crisis itself. In fact, it's pushing so hard that it is aiming to be carbon NEGATIVE by 2030. That's a huge pledge. And if anyone can do it, it's Microsoft.

It's no secret that Apple (NASDAQ:AAPL) has always thought outside of the box. And when it brought back Steve Jobs in 1997, the company really took off. Jobs also paved the way to a greener future for the company.  From the products themselves, to the packages they came in, and even the data centers powering them, Steve Jobs went above and beyond to cut the environmental impact of his company.

Apple has made significant moves towards renewables. All of Apple's operations run on 100% renewable energy. "We proved that 100 percent renewable is 100 percent doable. All our facilities worldwide—including Apple offices, retail stores, and data centers—are now powered entirely by clean energy. But this is just the beginning of how we're reducing greenhouse gas emissions that contribute to climate change. We're continuing to go further than most companies in measuring our carbon footprint, including manufacturing and product use. And we're making great progress in those areas too," CEO Tim Cook explained.

And it's already having an impact. Not only have they decreased their average product's energy use by 70 percent. They've reduced their total carbon footprint by more than 35 percent in just a few short years. All while securing the title as the World's First Trillion Dollar Company.

Not to be outdone, Google (NASDAQ:GOOGL) is jumping on the green bandwagon, as well. It's focus is on raising the bar for smarter and more efficient use of the world's limited resources. It is building sustainable, energy-efficient data centers and workplaces. It is also harnessing artificial intelligence to utilize energy more efficiently.  

Despite being one of the largest companies on the planet, in many ways it has lived up to its original "Don't Be Evil" slogan. Not only is Google powering its data centers with renewable energy, it is also on the cutting edge of innovation in the industry, investing in new technology and green solutions to build a more sustainable tomorrow. It's bid to reduce its carbon footprint has been well received by both younger and older investors. And as the need to slow down climate change becomes increasingly dire, it's easy to see why.  

There's a reason TSLA (NASDAQ:TSLA) has performed so well this year. Investors love its message. As one of the world's most innovative car manufacturers, it has made electric vehicles cool again. Its slick design is beloved across the world. In fact, it's likely impossible to NOT see a Tesla in cities like Hong Kong or San Francisco.  Musk is likely to emerge with three crowns on the ground: EVs, solar, and clean energy. Each revolutionary.

It may seem easy to overlook Tesla's solar business considering that the solar panel and battery segment brought in just six percent of the company's revenue in 2019. But with the meteoric rise of ESG investing over the past couple of years, many companies, including traditional fossil fuel companies, have been investing in clean energy projects including solar and wind energy at an unprecedented rate.

Canadian companies are doing their part as well:

Take telecom giant Shaw Communications Inc (TSE:SJR.B), for example. Shaw is taking a leadership role among Canadian telecom providers through its use of renewable energy, In fact, it is one of the biggest customers of Bullfrog Power which sources its electricity from a blend of wind energy and hydropower. It is also building its own portfolio of clean energy investments.

BCE Inc (TSX:BCE)) is another Canadian telecom giant going to great lengths to reduce its carbon footprint. For the past 25 years, BCE has been at the forefront of the environmental movement. Their environmental management system (EMS) has been certified to be ISO 14001-compliant since 2009.

Boralex Inc. (TSX:BLX) is a homegrown Canadian renewable firm. It has had a great influence in the adoption of renewable electricity domestically, and it's even branching out into the United States, France and the United Kingdom. The company's primary energies are produced through wind, hydroelectric, thermal and solar sources and help power the homes of many people across the world.

Polaris Infrastructure (TSX:PIF) is another renewable firm taking a slightly more focused approach. The company's biggest projects are in Latin America. It's Nicaragua geothermal project, for example, is already producing over 77 MW of renewable electricity.  And in Peru, its El Carmen and 8 de Augusto power plants, is set to produce a combined 17MW of electricity in the near future.

Westport Fuel Systems (TSX:WPRT) is a renewable energy provider for the transportation industry. it provides systems for less impactful fuels, such as natural gas. In North America alone, there are over 225,000 natural gas vehicles. But that's nothing compared to the global number of natural gas vehicles, which total over 22.5 million.

By. Sasha Kay


Forward-Looking Statements

This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements.  Forward looking statements in this publication include that the demand for ride sharing services will grow; that Steer can help completely change the way people view car ownership, that Steer can disrupt industry segments; that the Tally app will become popular and start generating substantial revenues; that the Tally sports predictive app will lead to online sports revenue; that Tracescan  could help the tourism industry deal with COVID and will sign new agreements for use of its alert wearables; that new tech deals will be signed by Facedrive; that Facedrive will be able to fund its capital requirements in the near term and long term; and that Facedrive will be able to carry out its business plans. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.  Risks that could change or prevent these statements from coming to fruition include that riders are not as attracted to EV rides as expected; that the Tally app may not become popular, may not lead to revenues from the app; that competitors may offer better or cheaper alternatives to the Facedrive businesses; TraceScan may not work as expected in commercial settings; changing governmental laws and policies; the company's ability to obtain and retain necessary licensing in each geographical area in which it operates; the success of the company's expansion activities and whether markets justify additional expansion; the ability of the company to attract drivers who have electric vehicles and hybrid cars; the ability of Facedrive to attract providers of good and services for merchandise partnerships on terms acceptable to both parties, and on profitable terms for Facedrive; and that the products co-branded by Facedrive may not be as merchantable as expected. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.


This communication is not a recommendation to buy or sell securities., Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively "the Company") owns a considerable number of shares of FaceDrive (TSX:FD.V) for investment, however the views reflected herein do not represent Facedrive nor has Facedrive authored or sponsored this article. This share position in FD.V is a major conflict with our ability to be unbiased, more specifically:

This communication is for entertainment purposes only. Never invest purely based on our communication. Therefore, this communication should be viewed as a commercial advertisement only. We have not investigated the background of the featured company. Frequently companies profiled in our alerts experience a large increase in volume and share price during the course of investor awareness marketing, which often end as soon as the investor awareness marketing ceases. The information in our communications and on our website has not been independently verified and is not guaranteed to be correct.

SHARE OWNERSHIP. The owner of owns a substantial number of shares of this featured company and therefore has a substantial incentive to see the featured company's stock perform well. The owner of will not notify the market when it decides to buy more or sell shares of this issuer in the market. The owner of will be buying and selling shares of this issuer for its own profit. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.

NOT AN INVESTMENT ADVISOR. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.

RISK OF INVESTING. Investing is inherently risky. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell securities. No representation is being made that any stock acquisition will or is likely to achieve profits.

Oil tumbles 6% on surging COVID-19 cases and inventory buildups - Business Insider

Posted: 28 Oct 2020 12:00 AM PDT

Cabot Oil & Gas
  • Oil futures tumbled on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty about the commodity market's recovery.
  • West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.
  • Resurgences in COVID-19 cases have intensified concerns about oil demand. France and Germany are reportedly set to impose new lockdown measures to curb the virus' spread.
  • US crude inventories climbed by 4.3 million barrels last week, the Energy Information Administration said Wednesday. The uptick is the biggest since late July and suggests demand in the US is moderating.
  • Watch oil futures trade live here.

Crude-oil futures plummeted further below the key $40 support level on Wednesday as surging coronavirus cases and rising stockpiles drove fresh concern about prolonged market weakness.

Contracts for West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel, the lowest level since early October. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.

Resurgences in coronavirus cases have intensified concerns about whether oil demand can return to pre-pandemic levels. Prices first plummeted in March as initial outbreaks curbed travel activity and prompted widespread lockdowns.

Another wave of cases risks a similar decline in demand as oil hovers at about $40 per barrel. Europe is already taking action to curb the virus' spread, with Germany and France reportedly set to impose new lockdown measures.

Read more: A comprehensive stock-buying election playbook: Here are the dozens of stocks to buy across 7 market sectors in each of the 3 most likely outcomes, according to Raymond James

A Wednesday-morning report from the Energy Information Administration added to oil's slump. It said US crude-oil inventories climbed by 4.3 million barrels last week, the biggest stockpile increase since late July. Total inventories stood at 492.4 million barrels, roughly 9% higher than the five-year average for this time of year.

The oil sell-off joined other sliding markets in choppy Wednesday trading. The S&P 500 tumbled by the most in nearly two months on new coronavirus concerns. And Cboe's VIX, Wall Street's preferred gauge of market volatility, surged to its highest level since mid-June.

WTI futures traded at $37.11 per barrel as of 11:30 a.m. ET, down roughly 40% year-to-date.

Brent crude traded at $39.03 per barrel, down 41% year-to-date.

Now read more markets coverage from Markets Insider and Business Insider:

Morgan Stanley pinpoints 18 real-estate stocks that are beating the market this year even as the broader sector underperforms — including the sub-sectors benefiting from the coronavirus crisis

The Fed has done nearly all it can do — and it's now up to Congress to further aid the economy, ex-New York Fed president says

The stock market's fear gauge is hitting fresh highs days ahead of the election as COVID-19 cases surge

Markets Insider

Oil Price Fundamental Weekly Forecast - Weighed Down as Vaccine Optimism Fades, Demand Destruction Lingers - FX Empire

Posted: 15 Nov 2020 07:30 AM PST

Traders Expect OPEC+ to Trim Output Curbs

Analysts said fears that the rise in coronavirus cases could but a dent in global demand have led traders to believe that OPEC and its allies may hesitate to loosen output curbs as planned in January.

OPEC+ is due to hold a Joint Ministerial Monitoring Committee next week, which will give some indications of what the producers may decide at the next ministerial meeting on December 1.

Algeria's energy minister said last week that OPEC+ could extend the group's current oil production cuts in to 2021 or deepen them further if required.

COVID-Related Demand Destruction Caps Gains

An escalation of COVID-19 cases in the United States took center stage last week as new coronavirus infections in the U.S. and elsewhere hit record levels. Some areas are tightening restrictions to contain the spread, dampening the prospect of a near-term end to the global health crisis.

Additionally, the International Energy Agency (IEA) threw cold water on the vaccine news when it said on Thursday that global oil demand is unlikely to get a significant boost from the rollout of vaccines against COVID-19 until well into 2021.

US Government Reports Unexpected Crude Oil Rise, Private Report Shows Drawdown

U.S. crude oil inventories rose unexpectedly last week while gasoline and distillate stockpiles fell, the Energy information Administration (EIA) said on Thursday.

This week's inventories reports also offset each other. Late Tuesday, the American Petroleum Institute's (API) weekly inventories report showed a crude stockpile decline of 5.1 million barrels. But Thursday's EIA report showed a bigger than expected increase in stockpiles, while traders were looking for a drawdown.

Libyan Production Rises While US Adds More Rigs

Libyan oil production has risen to 1.2 million barrels per day (bpd), a Libyan oil source told Reuters, up from the 1.0 million bpd reported on November 7 by the country's National Oil Corp.

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 10 to 236 this week. That followed increases in each of the last seven weeks. The total active U.S. rig count, meanwhile, was up 12 to 312, according to Baker Hughes.

Weekly Forecast

We see a sideways-to-lower trade as long as COVID-19 cases continue to rise and further lockdowns and restrictions remain imminent.

The vaccine news was bullish, but there are too many questions that need to be answered before it will have an impact on demand. Furthermore, experts are saying conditions are likely to get worse before they get better and that the crude oil market is unlikely to see any benefit from a COVID-19 vaccine for several months.

Additionally, The OPEC+ plan to postpone production cuts has been out for several weeks and have been absorbed into the markets.

For a look at all of today's economic events, check out our economic calendar.


Popular posts from this blog

Oil prices log over 11% weekly rise, with OPEC+ set to meet Saturday to discuss extension of output cuts - MarketWatch

This Non-OPEC Producer Boosted Its Output Ahead Of Historic Deal -

Painted Pony Announces Fourth Quarter and Full Year 2019 Financial and Operating Results, 2019 Year-End Reserves, and Improved Cost Structures - GlobeNewswire