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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (94668)	9/25/2020 12:44:06 PM
From: Goose94	Read Replies (1) of 202715

Crude Oil: The EIA reported a crude stock draw of 1.6 million barrels for the week ending on September 18. Notably, distillate stocks also declined, falling by 3.4 million barrels. A glut of diesel had become a particular concern in recent weeks, so the drawdown was positive news for oil markets. Three out of four oil executives surveyed by the Dallas Federal Reserve believe that U.S. oil production has already hit a peak. The Fed survey also shows business activity rebounding a bit from a low point in the second quarter, but nearly half of the respondents said that WTI would need to rise to $51-$55 for drilling activity to accelerate. Another third said WTI would need to increase to $56-$60, while 15 percent of respondents said it would require WTI above $60.

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