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Market Mood USOIL 15.09.20

Market Mood USOIL 15.09.20

Market Mood USOIL 15.09.20

in Daily Forecasts

Listen to the latest market mood for the USOIL.

The monthly OPEC oil report yesterday showed that oil demand growth for OPEC crude was revised down by 700K bpd to 22.6 milk bpd for 2020. The demand growth was revised down even further for 2021 by 1.1mln bpd to 28.2mln bpd.

The 2020 demand cut was due to weaker oil demand performance in the sector called ‘other Asia’, especially India. OPEC says a negative impact on oil demand in ‘other Asia’ is projected to spill over into 1H21 with slower recovery in transportation fuel demand in the OECD countries.

OPEC says risks remain elevated and skewed to the downside, particularly with COVID-19 related risks.

The weaker outlook for oil means that any rallies higher will find sellers. In particular, the return to the broken trend line on the daily chart looks an ideal spot for fresh sellers to enter.

Trade Risks:

  • A vaccine/successful treatment for COVID-19
  • A faster return to global oil demand

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Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

* Cryptocurrencies are not available for trading under HYCM (Europe) Limited and Henyep Capital Markets (UK) Limited (retail clients only).

*Any opinions made in this material are personal to the author and do not reflect the opinions of HYCM. This material is considered a marketing communication and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. HYCM does not take into account your personal investment objectives or financial situation. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of HYCM, a third party or otherwise.

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