Research: Oil Markets in Supply-Demand Tug of War

Oil Markets in Supply-Demand Tug of War

By Blu Putnam, Chief Economist, CME Group

Highlights

  • Oil has been trading in a wide $42-$55 range for more than a year
  • Despite the low volatility, WTI open interest has been hitting record highs
  • Supply disruptions, global growth could nudge prices toward $60 a barrel
  • The advent of electric cars likely to cut demand, pressure prices in the 2020s
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NYMEX WTI Light Sweet Crude Oil Futures

With ~1.2 million contracts traded per day, NYMEX WTI Light Sweet Crude Oil futures are the world’s most liquid and actively traded crude oil contract.

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