On Thursday, WTI Crude finished higher even in the face of relatively bearish EIA inventory news. This week will mark the first week of losses with the previous four consecutive weeks of gains in crude. Even with this week’s losses, the month of May is on track to finish with over 70% in monthly gains. […]
WTI crude started the short week on Tuesday, trading at levels not seen since early March. Comments from the IEA’s executive director were bullish on demand returning to pre-crisis levels and higher. Souring the rally as the week progressed was OPEC+ news from Russia regarding tapering off production cuts in July. While the original OPEC+ […]
NAT GAS NEWS Lawmaker accuses New York, New Jersey of picking Europe over Pa. for their natural gas A state lawmaker has blasted New York and New Jersey for rejecting a permit for a pipeline that would supply Pennsylvania natural gas to Queens, Brooklyn and parts of Long Island. “Our neighboring states thumb their nose […]
On Wednesday, WTI Crude finished sharply lower on the news from Russia stating that they wish to increase production in July in accordance with the original OPEC+ plans for tapering off production cuts. In early trading today, prices are flat, but API inventory news of a surprise build in crude is putting downward pressure on […]
Texas oil production drops Crude oil production in Texas dropped year on year in March, according to the Railroad Commission of Texas’ (RRC) latest figures. The preliminary reported total volume of crude oil production in Texas was 107 million barrels during the month, which marked a significant drop from the reported total production volume of […]
On Tuesday, WTI Crude was supported by the market’s growing confidence in OPEC+’s ability to bring the market into balance. Markets closed yesterday with gains near 2% after data showed an uptick in demand as more cars get back on the road. In early trading this morning, the market is giving back some of yesterday’s […]
Coming off a long weekend, oil is climbing to fresh highs this morning as positive sentiment endures. The market continues with the mantra “no news is good news” – another day without a major uptick in COVID-19 cases and no unexpectedly low economic data constitutes a win. The IEA’s Executive Director commented this weekend that low oil prices could drive demand […]
The oil complex is pulling back this morning after posting sizable gains throughout the week. Heading into a long weekend, traders are taking their gains and exiting the market. Uncertainty regarding updates in China is also leading the market to take a cautious approach. The Chinese economy, once the centerpiece of the COVID-19 debacle, is […]
WTI crude closed yesterday near 10 week highs but prices finished off the day’s highs due to profit taking and concerns about demand recovery. It has been a strong month for crude with the June contract expiring in the black – a far cry from the negative prices seen in May. This month experienced the […]
Nat Gas News Natural Gas Drillers Face Price Meltdown As Storage Fills Fast Natural gas, the poster child of the fossil fuel industry and the bridge fuel to a renewable future, has suffered its fair share of problems amid the coronavirus pandemic. And it may suffer the same fate as oil, at least when it […]
