Available to premium subscribers only.

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Available to premium subscribers only.

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Available to premium subscribers only.

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Oil prices are keeping their peak levels – higher than the ones before the pandemic – on account of consistent rising demand and restricted supply of oil from OPEC+.

Oil Market: Key Updates

• EIA crude inventory report will be out today before lunchtime. Bigger than expected inventory drop could take prices even higher.
• OPEC+ policy on oil supply boosting was evident when at the St. Petersburg forum Saudi Energy Minister Prince Abdulaziz said: "There will always be a good amount of supply to meet demand, but we’ll have to see demand before you see supply."
• On Wednesday morning (Jun. 2), a major oil refinery in Tehran was engulfed in a massive fire only hours after the Islamic Republic's largest warship caught fire and sank in the Gulf of Oman under mysterious circumstances.

The market is still bullish, and we may see some more upward action in the coming weeks. However, entering the market is currently risky, and a better entry point can be awaited.

Today's premium Oil Trading Alert includes details of our new trading position. Interested in more exclusive updates? Join our premium Oil Trading Alerts newsletter and read all the details today.

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Nishant Jain, MBA, CPSM
Oil Trading Strategist

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Oil has reached a two-year high price point on account of rising oil demand. Will this rising trend continue, or will we see some pullback?

Let the fireworks commence, as WTI Crude has charged ahead of $68.40 today.

U.K. traffic last week (7-day average) reached 101% of pre-Covid levels due to vaccine roll-out and favorable weather. And when road usage rises, so does gasoline and diesel consumption.

It also helped that the price-dampening news of the Iran-US nuclear deal is now on hold and is expected to be finalized in August. That gives around 3 months of time before Iran oil supply comes to the market.

The OPEC+ meeting had a major impact on oil investors’ improved sentiments. The oil cartel is optimistic about the oil demand in H2 2021 and expects global oil inventories to fall by 2 million bpd in the coming six months. Such a stance taken by OPEC+ boosted investors’ confidence.

More signals of demand boosting are coming from the US as oil inventories have fallen further this week, leading to an increase in oil prices.

Signs of oil supply crunch are showing in China as independent refineries struggle to get fuel amidst higher prices.

Oil is soaring now, and we need to relook at market fundamentals to determine the next movement.

Today is a perfect example of why you should be a premium subscriber. Our target levels were not only reached, they were surpassed. Want to know more? Not a Premium subscriber yet? Don’t be lost in the world of oil. Go Premium and receive my Oil Trading Alerts that include key price levels.

Today's premium Oil Trading Alert includes details of our new trading position. Interested in more exclusive updates? Join our premium Oil Trading Alerts newsletter and read all the details today.

Thank you.

Nishant Jain, MBA, CPSM
Oil Trading Strategist

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