Inventories, Interest Rates and Iran

Oil is trading sharply higher as geopolitical unrest continues escalating in the Middle East. Crude oil is trading at $55.98, a quick increase of $2.22 (4.1%). Fuel prices are following crude higher. Diesel is trading at $1.9759, up 4.7 cents (2.5%) from yesterday’s close. Gasoline is $1.7694, up 3.4 cents (2.0%) Markets are awash with […]

Rack-to-Retail Spreads Swell

After crude prices picked up $2/bbl yesterday, markets are cooling off and awaiting EIA data later this morning. Crude oil this morning is currently trading at $53.57, down 33 cents. Fuel prices are also taking a breather after both products saw roughly 3 cent gains. Diesel is trading this morning at $1.8224, down half a […]

Trade Deal is Back on the Table

Oil markets, along with equities, are leaping higher this morning following positive trade news. Driven by a larger market surge, crude oil is currently trading at $53.88, up $1.95 (+3.8%). Fuel prices are also getting a lift. Diesel prices are trading at $1.8301, a 3.1 cent increase (+1.7%). Gasoline prices are $1.7229, up 3.2 cents […]

Expected Economic Slump Weighs on Oil

Markets continue trading within their relatively low range, with crude still drifting between $51 and $53. The weekend was light on fundamental market changes, leaving traders to continue speculating over economic concerns and OPEC cuts. Crude oil is trading at $52.27 currently, down a small 24 cents. Fuel prices are also dipping lower today. Diesel […]

US Accuses Iran of Oil Tanker Attacks

Today markets continue rising as the market grapples with the implications of the oil tanker attack in the Gulf of Oman. Crude picked up just over a dollar yesterday on geopolitical concerns. WTI Crude is trading at $52.74 currently, up an additional 46 cents. Fuel prices received a similar lift yesterday. Diesel is trading at […]

Who Knows What Tomorrow Holds?

My last editorial, dated May 17th, was either about tea leaves or the market needing to take a breather.  Either way, since that date the crack spread declined $2.5/bbl, WTI declined over $10/bbl and ULSD futures tumbled $.30/gal. In that article, I highlighted the fact that refinery utilization was seasonally behind due to turnarounds. Throughput […]

Oil Tanker Attacks Sends Prices Soaring

Markets are rebounding from yesterday’s heavy losses following reports of renewed concerns on Middle East stability. Crude, which fell as low as $50.72 yesterday, ended the day with $2/bbl losses. This morning, crude is trading at $52.21, up $1.07. Fuel prices are also bouncing back this morning. Yesterday saw diesel prices down over 4 cents […]

EIA Forecasts Lower Supply and Demand in 2020

The API threw another wrench in rising oil prices by forecasting another large build for crude oil stocks. Markets quickly reverted lower, dragging down fuel prices as well. Crude oil this morning is trading at $52.16, down $1.11/bbl. Fuel prices are once again pushing against recent lows. Diesel prices are currently trading at $1.8074, down […]

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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