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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EIA Report Shows Large Draws in Crude Oil, Gasoline, SPR. The U.S. Energy Information Administration estimated that inventories in the country had shed 12.5 million
U.S. Energy Information Administration reported an inventory build of 5 million barrels for the week to May 12, causing crude oil prices to move lower
EIA Report Shows a Drop in Inventory, Overshadowed by Looming FED Decision Later today, analysts expect the Fed to announce another rate hike, while Congress
EIA report shows declines in stock supplies across the board. Energy Information Administration reports an inventory draw of 5.1 million barrels for the week to April 21.
Energy Information Administration report a draw of 4.6 million barrels in crude oil inventories, as opposed to a modest build of 600,000 barrels the previous
Energy Information Administration’s report for the week ending April 7th, 2023, it was estimated that there was a modest increase in crude oil inventories of
🔹Output Cut by 1.66 million bpd was announced on Sunday was confirmed at a meeting of the Joint Ministerial Ministerial Monitoring Committee. 🔹Early trading saw
After fairly consistent builds, US Crude stocks see a good size draw. The Energy Information Administration on Wednesday reported that crude inventories fell by 7.5 million barrels
U.S. Energy Information Administration reported another weekly build in crude oil inventories of 1.1 million barrels. That compared with a build of 1.6 Million for the previous week.
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
Margin/Maintenance: $9460/8600
Wheat Posts Another Net Negative. Corn💠 186,695 MT Soybeans💠123,396 MT Wheat 💠-165,396 MT Export commitments are 35.6% behind a year-ago compared...
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Futures prices may have already factored in the seasonal aspects of supply and demand. Unless otherwise indicated , this is not to be an offer to sell a solicitation to buy any futures or options on futures contracts. This data is from soruces we believe to be reliable but cannot guarantee its accuracy. Opinions expressed are subject to change without notice. Trading commodity futures and options on futures involve substantial risk and may not be appropriate for everyone. Past performance may not necessarily be indicative of future results.
