Oil prices are moving lower once again this morning but remain higher overall for the week. Today’s losses come as traders continue weighing faulty demand caused by lockdowns in countries like India. Traders are focusing on the economy, where the US has seen a few negative headlines despite an overall improvement since the pandemic. April’s […]
Oil prices rose for the week, though early momentum faded as the week went on. On Tuesday, the API reported large, across-the-board draws in fuel inventories, which sent oil prices rocketing to $66/bbl before they came back to earth. The week opened with markets ignoring three bearish trends – rising COVID cases in India, progress […]
Crude oil prices are turning lower this morning, still just shy of multi-month highs. WTI crude would need to close above $66.09 to beat its March 2021 peak; after that, the next peak would be $66.30, set in April 2019. Despite lower prices, there’s still plenty of positive sentiment stemming from vaccine optimism, which could […]
Oil prices are back to setting multi-year highs as the commodity boom continues. Commodities have been on a tear lately, with astronomical growth for products including lumber, iron ore, grain, urea, and more. Although supplies are still catching up from the COVID-induced lull, massive stimulus efforts in countries like China and the US have kickstarted […]
Will Oil Hit $80 This Summer? India, the world’s third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices. OPEC+, out of its own necessity, has intervened in the oil market on the supply side of […]
Oil prices are continuing their vaccine bounce this morning, pushing above $65 while fuel prices are setting fresh multi-year highs as well. The European Union is working on loosening restrictions for vaccinated travelers in time for the summer tourism season. Simultaneously, US areas like New York are also unwinding tight restrictions. Although cases are rising […]
Oil prices are rising again this morning, retracing some of last week’s gains that were lost on Thursday and Friday. Although prices have been higher the past few trading sessions, there’s plenty of bearish news to cloud trader sentiment: OPEC’s supply cuts went into effect on May 1, adding nearly half a million barrels per […]
Oil prices climbed higher throughout the week, and one bank sees it as the start of a broader rally. Goldman Sachs is calling for crude oil prices to rise more than 10% over the next few months as oil demand climbs back to pre-COVID levels and interest rates remain low. In addition, the US’s relative […]
Downstream fuel markets have been abuzz following a recent CNN report that warned of gasoline shortages this summer. The cause, though, has nothing to do with gasoline supplies. Refiners are continuing to keep up with demand and inventories – though below COVID levels – are healthy. Supply and demand are both on the rise, but […]
Despite a mixed API report, crude oil markets gained nearly a dollar per barrel yesterday, and the gains are continuing this morning. The CDC loosened guidelines on mask-wearing in the US, saying that mask-wearing outdoors was unnecessary except in crowds and that fully vaccinated individuals can assemble indoors without masks. The measure adds confidence that […]
