Tropical Storm Barry Passes, Market Shifts to China Focus

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 […]

Markets Await TS Berry’s Weekend Landfall

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 […]

Week in Review

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 […]

Large Crude Draw Spurs +4% Price Move

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 […]

Perfect Storm of Panic Buying

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 […]

Oil Breaks Higher on Crude Draw

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, […]

Mid-Week Review

Philadelphia refinery shutdown will change Northeast fuel supply patterns Over the last 15 years, Northeast refining capacity has fallen from a high near 1.7 MMbpd down to just 0.9 MMbpd now that the PES refinery has closed its doors. The East Coast consumes over 1/3 of America’s combined gasoline and diesel supplies, but has very […]

Iran Breaches Nuclear Deal, Enriches Beyond Limit

Coming off a long holiday weekend, crude oil prices are flat to higher as traders await more directional news. Crude oil started off with light gains this morning, and currently WTI prices are trading at $58.04, a 53 cent increase. Fuel prices are mixed, with gasoline taking the larger losses. Diesel prices are trading flat […]

Mid-Week Review

Oil price ‘could easily be $75’ if trade truce boosts demand, expert says The success, or failure, of trade talks between the U.S. and China will be a decisive factor in the oil price outlook this year, despite OPEC’s decision to extend production cuts, oil market expert Amrita Sen told CNBC on Tuesday.  “China (demand […]

Market Condition Report - Disclaimer
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.

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