Analysis

Premium analysis by our dedicated team
CLZ2020
Nov 5, 2020, 10:26 AM GMT
#Commodities

Oil Futures Ready to Consolidate

While the world holds its breath to see who will win the US Presidency, as the outcome of the election still hangs on a knife's edge, the energy market is concerned with one primary issue at the moment. At the time of writing this analysis, Joe Biden has garnered 264 electoral votes and needs only six more to secure his victory.

The democrat holds a minor lead in Nevada, says he feels confident about flipping Pennsylvania, and could even snatch a surprising last-minute victory in Georgia, which is a Republican stronghold. As of this moment, Joe Biden boasts a lead of over three million votes over Donald Trump across all states, and by all accounts looks poised to win the election.

The market has been bracing for such a turn of events for quite a while, and now it has to discount the probable consequences of a Joe Biden administration in Washington completely. As regards the market for oil futures, market participants have to weigh in on the likely implications of Biden's agenda on the shale industry. Chiefly, his intentions to gradually transition the American economy away from its dependence on fossil fuels as part of the green new deal.

Profit & Loss
Short Term Long Term Net % Gains
+ - + -
1.67 USD
0 3.50 USD 0
12.61%
Short Term
+ -
1.67 USD
0
Long Term
+ -
3.50 USD 0
Net % Gains
12.61%

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