WTI Crude falls on supply & demand concerns, Gulf production again in peril - perezonapt1948

Futures along U.S. W Texas Intermediate Crude edged lower on Mon as concerns o'er rising global supply and weakening fuel demand overshadowed reports of oil colour drillers evacuating facilities and closing down production in the Disconnection of Mexico Eastern Samoa another tropical storm was heading towards the area.

News of boring being shut Down usually supports embrocate prices, merely demand concerns stemming from worsening COVID-19 pandemic and excess supplies appeared to be a drag on some WTI and Brent contracts.

Tropic Storm Sally reinforced in the Gulf of Mexico on Sunday and was expected to metamorphose into a category 2 hurricane. Anele output in the region is being disrupted by tropical storms for the second time in less than 30 days after hurricane Laura hit the Gulf in August.

On Sunday BP Plc and Equinor ASA evacuated personnel from offshore platforms after Chevron Corporation and Murphy Oil Corp did so a day earlier.

In other news, Libyan Field Marshall Khalifa Belqasim Haftar committed to discontinuing a blockade of oil facilities that lasted for months, which would addition oil supplies to the marketplace.

"The announcement that the seal off of Libyan oil export terminals may be about to end will add to the woes of OPEC+'s coming together this workweek," Jeffrey Halley, senior commercialize analyst at OANDA, said.

OPEC+ members are scheduled to run across on September 17th to review compliance with oil production cuts.

Arsenic of 8:57 GMT on Monday WTI Crude Oil Futures were retreating 0.70% to trade at $37.07 per barrel, while moving within a daily range of $37.02-$37.68. WTI Crude Futures have retreated 13.05% so far in September, following four straight months of gains.

Brent Inunct Futures were retreating 0.58% happening the day to patronage at $39.56 per barrel, while moving within a daily range of $39.49-$40.06. Brent Oil Futures have dropped 13.26% insofar in September, following five straight months of gains.

Daily Pivot Levels (traditional method of calculation) – WTI Crude Vegetable oil Futures

Primal Pivot – $37.27
R1 – $37.88
R2 – $38.42
R3 – $39.03
R4 – $39.63

S1 – $36.73
S2 – $36.12
S3 – $35.58
S4 – $35.03

Daily Pivot Levels (traditional method of calculation) – Brent Oil Futures

Central Pivot – $39.84
R1 – $40.27
R2 – $40.76
R3 – $41.19
R4 – $41.63

S1 – $39.35
S2 – $38.92
S3 – $38.43
S4 – $37.95

Author: Miroslav Marinoff, a news editor in chief at TradingPedia, is involved with observing and coverage along the tendencies in the Foreign Exchange Market and the America Stock Market.

Source: https://www.tradingpedia.com/2020/09/14/commodity-market-us-crude-oil-retreats-as-concerns-over-rising-supply-and-weaker-demand-offset-reports-of-production-shutdown/

Posted by: perezonapt1948.blogspot.com

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