|Day's range||35.06 - 35.72|
Hedge funds and other money managers continued to accumulate bullish positions in crude oil and its products last week.
Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong. A potential deterioration in relations between the world's two biggest economies could ratchet up the pressure on global businesses and oil demand already weakened by the coronavirus pandemic. Brent crude fell 47 cents, or 1.3%, to $35.70 a barrel by 1106 GMT and U.S. West Texas Intermediate (WTI) crude was down 32 cents, or almost 1%, at $34.03.
The direction of the July WTI crude oil market the rest of the session on Tuesday is likely to be determined by Friday’s close at $33.25.
The direction of the June U.S. Dollar Index the rest of the session on Tuesday is likely to be determined by trader reaction to 99.245.
Solid Permian presence, rising capital efficiency and a strong balance sheet are likely to boost Pioneer Natural Resources' (PXD) growth.
Natural gas markets have gone back and forth during the trading session on Tuesday, showing signs of hugging the 50 day EMA yet again.
The state of Texas collected at least US$13.4 billion in the form of royalties and taxes from the oil and gas industry last year, just before the oil price crash
After the cabin fever of the past two months, Americans are taking to the reopening from coronavirus shutdowns with force, driving risk appetite up broadly across Wall Street and into crude prices. West Texas Intermediate crude’s front-month contract, July, was up 60 cents, or 1.8%, at $33.85 per barrel by 2:00 PM ET (18:00 GMT), as U.S. markets resumed trading after Monday’s Memorial Day holiday. The New York Stock Exchange also partially reopened its trading floor for the first time in two months, helping Wall Street extend its recovery rally from the pandemic.
Oil production from United States' number one basin - Permian - is set to fall by 87,000 barrels per day month over month to 4.3 million barrels per day in June.
It was a solid start for European stocks this morning as growing optimism around the reopening of economies outweighed fears over escalating U.S.-China tensions.
Investing.com - Oil prices pushed higher Tuesday, amid signs producers are making good their promises to cut crude supply while demand picks up.
It’s “risk-on” this morning as the markets continue to brush aside U.S – China tensions. Economic data later in the day will garner some attention, however.
The comments come more than two weeks before the leading oil producers hold an online conference on how to further police their joint efforts to steady a global oil market hammered by overproduction and the blow to demand in the face of the coronavirus pandemic. The energy ministry declined to comment. The ministry expects global oil demand to improve this month and says supply has already dropped by 14 million to 15 million barrels per day (bpd), RIA said, adding that Moscow estimates the current global surplus at between 7 milllion and 12 million barrels per day (bpd).