Opening Statement from the August 2021 CCPM Forecaster
Originally published on August 1, 2021 (pre-market release)
Oil & Gas
On July 18, crude oil pricing collapsed after OPEC+ members agreed to boost output by 400,000 barrels per day on a monthly basis starting in August through 2022. Although the hike in output was largely expected in the prior month, traders gradually began to bet on delays in near-term output hikes due to the recent surge in Delta variant (coronavirus) infections, adding to the possibility of a slowing economy.
Although we warned that such an announcement would be an exception to our July recommendation to buy in after selloffs (i.e. to treat downside as retracements) we...
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