Oil Prices On Pace For Worst Monthly Performance In A Decade Sector Commentary Energy stocks are set to open mixed amid lower equity futures following yesterday’s surge in stocks, while oil prices have recovered overnight losses that sent prices on prompt-month WTI below $50 for the first time since last October. Oil prices are on pace for their worst monthly performance in a decade. In sector news, Mizuho initiated coverage of several MLPs, while Citi also made several ratings changes/initiations in the LP space. Yesterday’s buyers of equities have elected to take a pause and wait-and-see mode after yesterday’s more dovish tone struck by Federal Reserve Chair Jay Powell and ahead of the critical G20 summit in Buenos Aires scheduled over the next few days. The world will be watching President Trump’s and President Xi’s dinner meeting on Saturday for any developments on the trade dispute. WTI crude oil futures fell to a low of $49.41 in overnight trade, but have recovered all losses since 7 AM ET, and are firmly in positive territory. Declining net-long positions, rising short positions from momentum-based commodity trading advisors (CTAs) continue to keep prices under pressure, while uncertainty of OPEC + members’ decision […]
