Iran Suffers Hyper-Inflation, US Inventories Fall

Oil prices rocketed higher last night heading into the close, driven by a bullish oil report from the American Petroleum Institute. WTI crude rose by $1.18 just ahead of the close. This morning, crude is trading at $58.58, up 53 cents from yesterday’s close. Fuel prices have also received a lift, with both gasoline and […]

Why Interest Rate Cuts Matter for Oil

Financial markets are getting a boost from increasing expectations of a Federal Reserve interest rate cut, which would help boost our economy. In the oil arena, this wave of positive sentiment has lifted prices moderately. Crude oil is currently trading at $57.20, up 33 cents. Fuel prices are trading higher as well, though gasoline is […]

US-China Trade Talks Resume

Oil prices saw little change last week despite significant ups and downs in trading activity. This morning crude oil remains relatively flat, up just 31 cents to trade at $65.51. Fuel prices are mixed this morning, with diesel tracking crude oil while gasoline dips lower. Diesel prices are currently trading at $1.9081, up 0.4 cents […]

Week in Review

For the week, the Crude Market was relatively flat overall with some peaks and valleys mid-week.  The week started out up with positive news about China trade talks.  In addition, Iran’s seizure of a British tanker helped to move the market up on Monday. Mid-week spike in prices were influenced by an 11 MMbbls draw […]

Despite Massive Inventory Draw, Iran Dominates Prices

Oil prices got a lift following yesterday’s EIA report but quickly sank lower after the initial surprise from the headline draw wore off. Today, though, markets are getting a lift from the European Central Bank holding interest rates steady, which is supportive for economic markets. Even this morning’s gains, though, are falling back, with prices […]

Mid-Week Review

Oil Spikes After API Reports Largest Crude Inventory Draw of the Year The American Petroleum Institute (API) reported a huge crude oil inventory draw of  10.961 million barrels for the week ending July 18, compared to analyst expectations of a much smaller—but still significant–4.011-million barrel draw.  The inventory draw this week compares to last week’s […]

API Reports 11 MMbbl Draw

Oil leapt last night as following the API’s report of a hefty crude oil draw. Crude this morning is trading at $56.91, roughly unchanged from yesterday’s higher close. Fuel is mixed this morning due to the API’s data. Diesel prices are trading flat this morning at $1.9224. Gasoline, which saw a surprise build in inventories, […]

Iranian Oil Builds Off Chinese Shores

The oil complex remains weaker this morning as markets seek clear direction in sentiment. With Iran and US-China trade both looming over financial markets, traders have little clear direction. This morning, crude is trading at $56.03, down 19 cents. Fuel prices are mixed this morning. Diesel prices are trading at $1.8966, down a third of […]

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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