Energy Report: Confidence

The oil market will also look to the Fed for direction. The market wants to get a sense of whether the Fed is worried about inflation. Rising commodity prices are getting harder for the Fed to ignore!

Crude oil traders must wonder whether we are going to switch from being a net petroleum exporter to an importer next year. Biden’s drilling moratorium as well as his disdain for oil, unless it comes from Iran, is of concern. Stil the EIA reported that energy exports from the United States exceeded imports by 3.4 quadrillion British thermal units (quads) in 2020, the largest margin on record, according to EIA’s Monthly Energy Review. U.S. energy exports totaled 23.4 quads, nearly equaling the record high set in 2019, and energy imports fell 13% to 20.0 quads, the lowest level since 1992. The United States exported more energy than it imported for the second consecutive year. Hey, will that change in 2021?

We have warned you to get hedged for this oil rally and it looks like the consolidation period in oil may be ending! Get ready to move.

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