Dan Celia: Don’t Overlook the Oil Market News

Dan Celia: Don’t Overlook the Oil Market News

June 8, 2020

PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia is interested in the economic impact this week from the OPEC meeting over the weekend and their agreement to extend record production cuts.

“One of the things I’m going to be watching this week is oil prices and what resulted from the OPEC meeting,” Celia said. “They’re talking about trying to place more controls and trying to control the international oil market and stabilize prices somewhat. At the very same time, we see shale producers here in the United States, opening up their spickets again and starting to produce more oil. The problem with this, though: it may be good for some returning to work, but it will complicate the crude oil markets recovery. I don’t believe it is the right thing to do at this point in time. Allowing some stabilization to come into the markets in a slightly more powerful way might be an appropriate thing to do for now.

“Basically, what will happen if this continues is that we’ll see supply outperform demand, and we will see oil prices begin to drop again and oil stocks begin to drop again,” Celia continued. “Look, I’ve said many times how important the oil markets are to all that we are doing in the economy, and finding balance in these markets can take a lot of time and be difficult.

“Economic data this week will be somewhat irrelevant and will not move markets. But what is happening in the oil trade could certainly impact markets in a negative way. I do believe, though, that for the rest of this week, we may continue to see optimism overshadowing some of the potentially negative news. I’m hoping we could get some good news out of the NFIB confidence index, that could bring an even more optimistic tone into the markets.”

Celia discusses these and other global and economic headlines on his daily, three-hour Financial Issues program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.

Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.

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To book Financial Issues Stewardship Ministries’ Dan Celia, contact Media@HamiltonStrategies.com or Patrick Benner, 610.584.1096, ext. 104, or Deborah Hamilton, ext. 102.