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    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

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    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

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    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

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    Putin allows Russian banks under sanctions to halt some FX operations

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    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    Paraguay’s crypto framework one step away from becoming law

    Paraguay’s crypto framework one step away from becoming law

    Looking to preserve forex reserves, Nepal extends import ban on ten items

    Looking to preserve forex reserves, Nepal extends import ban on ten items

    What is currency arbitrage, and is it profitable?

    What is currency arbitrage, and is it profitable?

  • Education
    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    EUR/AUD BREAKOUT COULD GROW LEGS

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    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

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    GOLD PRICE REBOUND UNRAVELS AS TRUMP SEEKS POST-ELECTION STIMULUS BILL

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  • Commodities
    Panamanian trade unions reach agreement with government on essential commodities

    Panamanian trade unions reach agreement with government on essential commodities

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Dollar surges and stocks tumble as traders weigh global growth outlook

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    Can commodities make a comeback?

    CME looks to lure retail traders with daily options frowned on in Europe

    CME looks to lure retail traders with daily options frowned on in Europe

    The traders earning $6m+ outside banks and hedge funds

    The traders earning $6m+ outside banks and hedge funds

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    Palladium: Completely Reverse The Rumors for a Bubble Burst

    Palladium: Completely Reverse The Rumors for a Bubble Burst

    Energy Recap: OPEC Leaves Traders Guessing, Setting Up Volatile Move on Friday

    Energy Recap: OPEC Leaves Traders Guessing, Setting Up Volatile Move on Friday

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    WTI Crude Spikes into Close Following Bullish Bloomberg Report on OPEC Production Cut Expectations

  • Cryptocurrencies
    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Yen shorts crumble as hot FX trade comes to end

    Yen shorts crumble as hot FX trade comes to end

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

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    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

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    Singapore’s crypto aspirations shaken by Three Arrows collapse

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    Crypto exchange Coinbase looks to expand footprint in Europe

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    How ETF investors can bet on the crypto crash

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    ‘Like Coming Off Heroin’: How Bad Will This Bitcoin Bear Market Get?

    SBF and Alameda step in to prevent crypto collapse contagion

    SBF and Alameda step in to prevent crypto collapse contagion

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WTI Crude Spikes into Close Following Bullish Bloomberg Report on OPEC Production Cut Expectations

U.S. crude oil stockpiles spiked higher while fuel demand slumped last week, each by their most ever, government data showed on Wednesday, as the U.S. oil industry felt the full brunt of efforts to stem the spread of the coronavirus pandemic.

poweradmin by poweradmin
September 23, 2020
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U.S. West Texas Intermediate crude oil futures jumped more than 8% in a surprise move just ahead of the end of the regular trading session

Traders said the catalyst behind the surge in prices was a report from Bloomberg that the oil minister of Algeria said OPEC and its allies, known as OPEC+, was discussing a massive cut that could reach 10 million barrels per day.

Oil Fund Trading Halted

The excessive volatility fueled by the bombshell news forced regulators to shut down the United States Oil Fund (USO), which tracks the price of oil. The halt in trading was necessary due to wild activity into the end of the session. The ETF resumed trading shortly after the initial halt.

US Crude and Fuel Stocks Soar as Demand Craters Due to Pandemic

U.S. crude oil stockpiles spiked higher while fuel demand slumped last week, each by their most ever, government data showed on Wednesday, as the U.S. oil industry felt the full brunt of efforts to stem the spread of the coronavirus pandemic.

Crude stocks soared by 15.2 million barrels in the week to April 3, their biggest-one week rise. Most of those inventories were sent to the key Cushing, Oklahoma, futures storage hub, where stocks rose by 6.4 million barrels last week, the U.S. Energy Information Administration (EIA) said, also the most in one week ever.

U.S. gasoline stocks rose by 10.5 million barrels in the week, also exceeding expectations and falling just shy of an all-time record. Gasoline product supplied in the most recent week slumped by 24% to 5.1 million bpd.

Demand Sinks

Crude and Fuel prices have sunk this year as the coronavirus pandemic has sapped global fuel demand, virtually shutting down commercial aviation worldwide and cutting off gasoline demand as people stay home and businesses remain shuttered.

On Wednesday, the EIA said U.S. fuel demand dropped by about one-third in the last three weeks, with last week’s fall of 3.4 million barrels per day the most ever.

Daily Production Drops

Crude output has already to drop as well, with daily production plunging 600,000 barrels per day to 12.4 million bpd, in its biggest decline since July 2019, the EIA said.

Refineries severely cut activity the week-ending April 3, with crude runs falling 1.3 million bpd. Refinery utilization rates tumbled 6.7 percentage points to drop to just 75.6% capacity use.

poweradmin

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Energy Recap: OPEC Leaves Traders Guessing, Setting Up Volatile Move on Friday

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