Yesterday, crude prices advanced sharply on bullish inventory news confirmed by the EIA. A smaller -than-expected build in crude stocks and a surprise draw in gasoline inventories helped move prices higher. Further supporting the rally in oil, the US Equities market rallied on news of a potentially useful drug treatment for the coronavirus. In addition, […]
Nat Gas News Spain’s Naturgy seeks to renegotiate gas contracts as earnings drop Reuters reports: Spanish utility Naturgy (NTGY.MC) is taking advantage of slumping gas prices to renegotiate supply contracts, it said on Wednesday, after the crippling effect of the coronavirus crisis on demand sent its first-quarter net profit plunging 42%. A global glut of […]
On Tuesday, WTI Crude finished down slightly while Brent crude finished up slightly. Some of the optimism stemmed from European countries and some US cities and states beginning to ease up on their quarantines. For the most part, social distancing recommendation remain in place; however, public areas such as restaurants and other businesses are beginning […]
Oil prices tank another 21% as storage fears persist US oil prices tanked on Tuesday as fears that global storage is running out mounted, prompting concerns that the June contract could significantly plunge in the same way the May contract did last week. Click here to read more from Markets Insider. Could US oil prices […]
Yesterday, WTI crude fell nearly $4/bbl but settled roughly $1/bbl higher than session lows in an apparent short covering rally amid no new news. This morning we are seeing a continuation of losses as the world runs out of storage. Reuters reported that South Korea had run out of commercial storage space for oil. All […]
What a difference a month makes. This time last month, prompt RB (gasoline) was trading 60cpg cheaper than HO (diesel). On Friday, HO ended lower. Although HO is a bit higher today, Friday’s flip was significant for several reasons: Market chatter points toward demand having found a bottom and started a recovery. Albeit, a bottom would […]
Sentiments are broadly improving across the market, as COVID-19 cases in most countries appear to have peaked and moved into remission. Now on the other side of the curve, many European countries and American states are looking at reopening their economy in a slow, measured way to aid suffering businesses. At the forefront, Georgia is […]
The last week of crude oil prices may go down in history as the most unique week, ever. Besides setting the largest one-day price drop in history (both by percent and by dollars), crude oil futures showed that $0/bbl is not the lower limit for oil markets. Whether this week’s negative oil prices become an […]
Yesterday, crude prices rallied in the afternoon to close the day higher. This rally came about even in the light of bearish inventory news coming from the EIA with the 13th straight week of weekly crude builds. Prices got a jolt from increased US-Iran tensions escalated by a tweet from Trump. In early trading this […]
Russia Races To Squeeze The U.S. Out Of Asian Natural Gas Markets Oil Price reports: The increasingly close relationship on multiple levels between Russia and China became obvious to anyone with an interest in such matters last July when the two countries staged their first joint air patrol in the Asia-Pacific region, sending the air […]
