Baytex Energy Corp T.BTE

OPEC Leaves Global Oil Demand Outlook Untouched

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It's surprising that SP was dropping as Oil is up almost $5 higher from $70 so you would think that buyers would be more aggressive with BTE and CPG but it seems that no one has confidence in Oil staying high. Tomorrow's FED Rate Decision is highly market-sensitive so maybe this is the cause why investors are gun-shy The other possibility why investors aren't diving in is the fear that when the Keystone pipeline is repaired Oil will drop back down towards $70 but If Oil does stay higher after the FED and Keystone then you will see buyers and OPEC sees Oil demand untouched but there's still the possibility that OPEC could announce cuts in Jan if Oil stays low and tonight API Crude Oil Stock numbers are released at 4:30pm but traders usually wait for EIA Crude Oil Stock on Thursday at 10:30am to confirm the data so this also could affect Oil prices with API the last report at a draw of -6.426. My thoughts are that Oil will be well above $70 as we enter Jan where the outlook is going to be very challenging with the economy entering a full-blown recession but Russia remains a wildcard not knowing what Putin is capable of and with no end to the war no one can predict the outcome and with uncertainty over China dealing with COVID for the foreseeable future that's always a headline away from changes and Except for hardcore daytraders investors are staying on the sideline till Jan but there are always ways to make money on the markets if Oil is sluggish. GLTA JMHO


OPEC Leaves Global Oil Demand Outlook Untouched | OilPrice.com