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The global economy strongly influences crude futures prices. For example, a strong global economy creates high demand for crude oil.
To monitor possible influencers of oil prices, investors should keep an eye out for updates from the Energy Information Administration (EIA), OPEC, and other economic indicators. For short-term traders, the EIA releases Weekly Status Reports — typically on Wednesdays — which track inventories and calculate demand.
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Experts project that global oil demand will reach 101.3 million barrels per day (mb/d) in 2023. However, the growth in demand is expected to decrease to 2.3 mb/d in 2023, compared to 2.6 mb/d in 2022.
The reduction in demand growth can be attributed to the downturn in the global economy, partially caused by China’s zero-COVID-19 restrictions and inflationary pressures in economies worldwide.
With a total crude oil production of approximately 29.77 mb/d, OPEC holds just less than 30% of the global supply of crude oil. Consequently, the decisions made by OPEC have a significant impact on the energy markets. In contrast, U.S. crude oil production averages around 11.5 mb/d.
According to experts, global supply growth for non-OPEC countries is projected to decline by 0.4 mb/d to 1.5 mb/d in 2023. As of September 2022, the average oil production for OPEC-13 was 29.77 mb/d.
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The Energy Information Administration reported on Thursday that strong export demand and reduced imports contributed to a surprising draw in U.S. crude stocks during the
Crude oil is the world’s most actively traded commodity, and trading the Globex Crude Oil with Paradigm Futures using a futures account can offer several
Exchange: New York Mercantile Exchange
Exchange Symbol: CL
Tick Size: 1 cent per barrel ($10.00 per contract, $5.00 per mini contract)
Contract Size 1,000 U.S. barrels (42,000 gallons) 500 U.S barrels mini (21,000 gallons)
Months: All Months
Trading Hours: 5:00 pm – 4 pm (Sun-Fri) Settles 1:30 pm CST