Oil prices fell once again yesterday after starting the day higher, bringing this week’s total losses to upwards of $3/bbl. Added Iran pressures are causing some tailwinds for markets, but overcoming the bearish EIA report will be a challenge. Crude oil is trading at $55.49. Fuel is following crude lower. Diesel is trading at $1.8704, […]
Oil saw steep losses to close the day on Tuesday, though the API’s report late yesterday helped give markets a lift. This morning crude oil is trading at $58.33, up 71 cents after shedding almost $2/bbl yesterday. Fuel prices also saw hefty losses yesterday, with both products off by around 4 cents. This morning diesel […]
U.S. oil at lowest in over a week as Pompeo says Iran is ready to talk Oil futures settled sharply lower Tuesday, following reports that U.S. Secretary of State Mike Pompeo said Iran is ready to enter negotiations over its missile program, easing concerns about tensions between Washington and Tehran that had put the flow […]
Yesterday the front end of the WTI crude price curve dipped gently as Tropical Storm Barry came and went with no long-term affect on fueling infrastructure. Today, though, the market complex appears to be pushing upwards again, with moderate gains across the board. Crude oil is currently trading at $59.90, up 32 cents. Fuel prices […]
The petroleum complex is seeing mixed results following Berry’s landfall, with crude trading slightly higher while fuel prices drop. Crude oil is trading flat at $60.24, hardly moved from Friday’s close. Fuel prices are generally lower this morning, though with uneven downside results. Diesel is currently trading at $1.9678, a loss of 1.2 cents since […]
Oil remains steady as we head into the weekend, with markets still resting after Wednesday’s huge gains. Crude oil is trading just slightly higher, at $60.42 after 22 cent gains. Fuel prices are mixed, with diesel tracking crude while gasoline falls. Diesel is trading at $1.9799, flat with yesterday’s close. Gasoline is trading 1.1 cents […]
This week the big 3 monthly oil reports were released, though their impact on the market was moderate at best. The EIA’s Short-Term Energy Outlook upped US production targets to 12.4 MMbpd this year and maintained next year’s 13.3 MMbpd forecast; however, the agency reduced 2019 global oil demand averages by 200 kbpd. Demand reductions […]
Crude closed yesterday with hefty gains of $2.60/bbl thanks to a strongly bullish EIA and, to a lesser extent, production shutdowns along the Gulf Coast in anticipation of Tropical Storm (or potentially Hurricane) Berry. Crude oil this morning is trading steady at $60.51. Fuel prices are moving lower as refiners increase their output and alleviate […]
History has shown that natural disasters can occur at any time with devastating effects. Recent destruction from both Hurricane Harvey in Texas and Louisiana and Hurricane Irma in Florida caused widespread outages in the Southeast. Not only was fuel supply disrupted, but the entire supply chain across the U.S. felt the impact. Panic buying lay […]
Prices are trading strongly higher this morning following supportive data from the API. Markets have been relatively flat all week, so today’s breakout higher is the first sign of clear market direction. Crude oil is currently trading at $59.37, up $1.54 (2.7%). Fuel prices are also strongly in the black. Diesel is trading at $1.9643, […]
