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Market Mood USOIL 24.09.20

Market Mood USOIL 24.09.20

Market Mood USOIL 24.09.20

in Daily Forecasts

Listen to the latest market mood for the USOIL.

Earlier this month that both the IEA and the OECD cut their global demand projections for oil consumption. The latest monthly OPEC report projected that oil demand growth for OPEC crude would fall by 700K bpd to 22.6 mln bpd for 2020. The future demand growth was revised down even further for 2021. This was reduced by 1.1mln bpd to 28.2mln bpd. The reasons that OPEC cited the 2020 demand cut was due to weaker oil demand performance. Unsurprisingly, OPEC said risks remain elevated and skewed to the downside, particularly due to COVID-19 related risks. With the latest risk off moves hurting equity markets and COVID-19 cases rising sharply in Europe oil markets are likely to remain pressured in the near term.

Therefore, expect US oil sellers at market.

Trade Risks:

  • A vaccine will negate this outlook and inspire confidence in rising demand for oil.
  • If Libya’s oil production does not come back on line that will support oil markets in the near term.

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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.

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