OPEC+ May Move March Meeting to February

By Published On: January 30, 2020Categories: Crude, Daily Market News & Insights, Diesel, Gasoline

According to Algeria’s energy minister, Mohamed Arkab, OPEC is considering pushing forward a meeting initially scheduled for March after oil prices dropped on concern that the spread of coronavirus would hurt oil demand.  The March meeting is likely to be moved to February.  OPEC will consider continuation of current cuts and possibly even deeper cuts to support a balanced market.

Crude prices are down in early trading this morning after the largest build in US Crude stockpiles in almost three months.  This bearish inventory news added to the already pessimistic concerns over weakened demand caused by the spreading Chinese coronavirus.  These factors are raising fears of a supply glut and are driving markets lower.

The EIA reported a larger-than-expected build for crude of 3.5 MMbbls, versus an expected build of 0.5 MMbbls.  At Cushing, the EIA reported a 0.8 MMbbls build.  The EIA reported distillates had a slightly larger-than-expected draw and gasoline saw a build in line with expectations.

Crude is down based on bearish inventory news and oil demand concerns because of the coronavirus.  WTI Crude is trading lower this morning at $52.11, a loss of $1.22.

Fuel is down in early trading this morning.  Diesel is trading at $1.6588, a loss of 4.5 cents.  Gasoline is trading at $1.4870, a loss of 4.4 cents.

This article is part of Crude


Subscribe to our Daily Feed

Daily articles and insights from the fuel markets and natural gas space.


The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Stay on Top of the Fuel Markets

FUELSNews, your daily source of marketing information and insights

Subscribe to our publications and newsletters