PFL Market Reports

Oil prices rose for the day after initially falling as much as 2% during the session. A weaker US dollar continues to help foreign commodity holders and support oil prices.

Oil prices moved slightly higher on Friday supported by economic data from Europe, but gains were limited as tensions between the United States and China flared.

The dollar is trading at its lowest level (against a basket of currencies) since 2018 making dollar priced assets cheaper for foreign holders. US virus cases passed 4 million (up more than 1 million in just three weeks) with Florida and California reporting record death counts today.

Oil held mostly flat but traded down slightly for the day on a surprise build in US crude stocks. This is a potential sign that the demand recovery may be stalling.

Oil prices rallied today hitting more than four month highs on vaccine hopes and increased stimulus packages to be introduced in the EU, US and others.

Due to technical errors there will be no commentary today

Prices were pretty stable today despite the US reporting a record 77K new COVID cases yesterday. Lawmakers in the United States and the European Union are set to debate the next tranches of stimulus programs over the coming days, providing some stability for prices.

Oil prices steadied for the day but were weighed down by OPEC+ easing its record production cuts. Global inventories are tightening however, leading to big jumps in yesterday’s prices. “Nobody could really expect OPEC+ to keep the 9.7 million bpd curtailments into August,”