Oil Price Forecast Technical Analysis

Oil Price Forecast Technical Analysis

The price of OPEC basket of thirteen crudes stood at $37.99 a barrel on Friday, 26 June 2020, compared with $37.18 the previous day, according to OPEC Secretariat calculations

Commodity UnitsPriceChange
Crude Oil (WTI)USD/bbl38.870.96%
Crude Oil (Brent)USD/bbl41.261.63%
Natural GasUSD/MMBtu1.620.00%

At press time

Buyers of U.S. LNG are now cancelling shipments.

U.S. LNG exports have declined by more than half compared to pre-pandemic levels.

American shale gas drillers, backed up LNG cargoes will exacerbate the glut within the United States. By the end of the summer, the volume of cancelled gas could add more than 760 billion cubic feet of gas to storage, according to Goldman Sachs.