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.
Subscribe to our market updates newsletter to get the latest news on oil futures, West Texas Intermediate, petroleum exporting countries, Russian crude oil, and Brent crude. And if trading crude oil futures is a fit for you, get started opening your account today.
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.
Sign up for our free, real-time market data updates from market moving reports
EIA Petroleum Report 3/1 Crude Inventories build at a slower pace, while Gas and Distillates see strong draw. In its latest update, the U.S. Energy
Crude Oil Prices Respond to Inventory Fluctuations, Shipping Challenges, Production Estimates. Crude oil prices witnessed a surge today following the Energy Information Administration’s (EIA) report,
Today’s EIA Report Shows 2.5 Million Barrel Decline. Crude oil prices saw a modest uptick today as the U.S. Energy Information Administration reported a decline
Today, crude oil prices declined as the Energy Information Administration reported substantial fuel inventory builds for the week ending December 29. Crude Drops for Second
EIA Energy StocksCrude Inventories Up ⬆️10.2M bblDomestic prod: 13.2MMbpd Gasoline Down ⬇️1.3M bblImpld demand: 8.58MbpdDistillates Down⬇️1.8M bblSPR 🚫 No ChangeRefiner utilization: 85.7% Energy Market, Prices, &
Consumer Price Index climbs again ahead of pivotal FED meeting. August CPI – MoM CPI: +.6% – YoY CPI: +3.7% – MoM Core CPI: +.3%
⛽EIA Energy Stocks🛢️ In early trading Crude oil prices experienced a slight decrease following the Energy Information Administration’s report of a 6 million barrel inventory
EIA Energy Report ⛽EIA Energy Stocks🛢️ The Energy Information Administration reported that U.S. commercial crude inventories experienced a decrease of 700,000 barrels for the week
Today, crude oil prices experienced a decrease following the U.S. Energy Information Administration’s report of a 5.9 million barrel inventory increase for the week ending
The U.S. Energy Information Administration (EIA) reported a decline of 1.5 million barrels in the estimated inventory for the week ending July 1. This decline
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
By possessing these seven key attributes, aspiring commodity brokers can increase their chances of success in this challenging yet potentially...
Read MoreSign up for our free newsletter to receive real time market updates and insight.
This material has been prepared by a sales or trading employee or agent of Paradigm Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by Paradigm Futures. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.
DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.
The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that Paradigm Futures believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.
