Brent and WTI crude are tracking well so far. However, in its latest oil price forecast, Stratas Advisors says U.S. production will be a key variable going forward that will affect the future supply/demand dynamics and oil prices.
Strong prices and lower inventories at the Cushing oil storage hub in Oklahoma are signaling that volume needs to stay in the U.S. at least for now, co-CEO A. J. Teague added during the company’s post-earnings call.
Back on trend? Stratas Advisors is projecting that demand will continue to outstrip supply throughout the rest of the year in its latest oil price forecast.
Chinese refiners are the biggest importers of Iranian oil. That U.S. officials are hinting at a possible crackdown may be a veiled threat that Washington has ways to exact a price from Tehran, says analyst.
The crude oil build in the U.S. was “obviously” a surprise driven by a surge in imports and a plunge in exports, says analyst John Kilduff.
High levels of government intervention in climate policy will likely not slow down oil demand over the next decade, new study says.
So far the evidence from crude oil demand appears to favor the bearish narrative that the world economic recovery is not happening fast enough, especially in the top oil-importing region of Asia.
Stratas Advisors sees renewed concerns in its latest oil price outlook due to OPEC+ reaching a deal to boost oil production plus the ongoing rise in COVID-19 cases around the world.