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ExxonMobil, Chevron and Shell reported sharply lower year-over-year third-quarter earnings on lower crude realizations. Analysts expect US oil output to rise 7.2% in 2020, with Permian pipeline takeaway capacity growing 2.4 million barrels per day.
Rising US crude supply and new pipeline capacity weigh on WTI and reduce crude-by-rail demand, which is bearish for crude and related energy costs.
freightwaves.comJohn Paul HampsteadNov 1, 2019After 565 past bearish macro events, WTI moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
