Oil Hits 2-Yr High, OPEC+ Maintains Cuts

OPEC+ surprised the market yesterday, causing oil prices to skyrocket at the end of the session, with gains continuing this morning.  The group announced they would maintain current production levels, rather than increasing output by 500 kbpd as the market had expected. Saudi Arabia will also continue their voluntary 1 MMbpd cuts through April, keeping […]

Mid-Week Review – March 3, 2021

Energy leaders grapple with climate targets at virtual CERAWeek Global energy leaders and other luminaries like incoming Amazon Chief Executive Andy Jassy focused on the tough road to transforming world economies to a lower-carbon future at the kickoff of the world’s largest energy conference on Monday. Numerous speakers at CERAWeek were prepared to talk about […]

Why Are Refineries Closed?

Why Are Refineries Closed? Freezing weather hampered fueling infrastructure in several ways, including shutting production, refining, and distribution. At a very basic level, refineries heat up crude oil until it vaporizes, then cool it down as liquid fuels. The winter storm impacted these operations in several ways: Freezing cold weather can directly damage equipment involved […]

OPEC+ To Discuss Raising Supply

After shedding $2/bbl on Friday, oil prices are stabilizing. WTI crude remains above the $60/bbl threshold, in line with pre-pandemic pricing. Analysts have whip-sawed from bemoaning the global supply glut to broadcasting under-supplied conditions. Traders continue chattering about the possibility of $100/bbl oil amid a purported commodity supercycle. At the heart of the bullish sentiment […]

Week in Review – February 26, 2021

Fuel prices were a roller coaster this week, soaring and sinking and soaring again. The market was turned upside down last week by freezing weather in Texas, one of America’s most important hubs for production and refining. Crude fields stopped pumping, and refineries shut off their operations quickly, making restarts difficult. At the same time, […]

EIA Reports Low Demand, Refinery Utilization

Oil prices climbed to yet another high yesterday as the broader financial market moved higher. The Fed assured the market that low interest rates would continue, alleviating concerns of inflation and lower prices. Jobless claims also fell, providing comfort that the US economy remains on the right track. As phrases like “double-dip recession” and “bubble” […]

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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