For the week ahead, Stratas Advisors expect prices to be range bound. Statements from the White House will likely dampen hopes of a U.S.-China trade deal but rumors out of OPEC are that an extension likely will lend support.
For the week ahead, Stratas Advisors expect prices to rise and for Brent to average $62.50/bbl.
For the week ahead, Stratas Advisors expect prices to maintain their momentum and for Brent to average $61/bbl.
For the week ahead, Stratas Advisors expect prices to continue to decline on persistent demand concerns and ample supply.
For the week ahead, Stratas Advisors expect Brent to average $58/bbl as enthusiasm about a trade deal wanes.
The week ahead will see trade negotiations between the U.S. and China recommencing and a lack of progress would be highly detrimental to prices.
The biggest threat to demand continues to be the U.S.-China trade war.
Flooding in East Texas impeded some refinery activity and slowed shipments through the Houston Ship Channel.
As expected, Brent lost momentum at the end of the week. The International Energy Agency’s latest Oil Market Report revealed their expectation that rebalancing would need to continue through 2020 based on current stock levels and lackluster demand growth.
Stratas Advisors foresee the potential for weakness in the latter half of the week based on the results of the U.S. crude and product stock report and also the release of the IEA’s latest Monthly Oil Market Report.
