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Oil rose early in July despite Tropical Storm Barry shutting about 1 million b/d of U.S. Gulf of Mexico output and tensions over ship explosions in the Persian Gulf. EIA, IEA and OPEC reports all forecast that the world will need much less OPEC oil next year than it currently produces.
Expected weaker OPEC demand for 2020 limits crude upside, which tempers energy input costs for feed mills and transport.
freightwaves.comJohn KingstonJul 13, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
