Growing Libyan Supplies Stir Market Woes

On Tuesday, WTI crude closed down $1.31 (-3.2%).  The return of nearly 300 kbpd from Libyan oil fields helped to push prices lower. The lifting of the Libyan blockade is currently only temporary – lasting until mid-October – until a final agreement is reached, but the effects of returning supply to the market is significant. […]

Mid-Week Review – September 30, 2020

Oil Loses Ground Amid Worries About The Pace Of Oil Demand Recovery Oil moved below the $40 level as concerns about the future pace of oil demand recovery weighed on prices.  In addition, traders were a bit nervous ahead of the first U.S. presidential debate between Donald Trump and Joe Biden. Click here to read […]

Traders Keep an Eye on Washington for Clues

Crude rose slightly on Monday, following US equities higher.  Concern over rising coronavirus cases in the US and Europe continue to put a cap on prices. More than one million people have died of the coronavirus during this pandemic, which has ravaged economies around the world and affected fuel demand.  While prices have broken the […]

Are American Oil’s Best Days Behind It?

After moderate gains early this morning, the oil complex is trading sideways to open the new week. Most indicators from the weekend suggest higher prices for the week. The US Dollar is creating tailwinds for oil; after rising to the highest level since July last week, USD losses this morning are propping up commodity markets. […]

US Lost Net-Exporter Status in Q2, Regains in Q3

It’s a relatively calm day for oil markets – no new hurricanes, OPEC headlines, or COVID shockers. California did ban the sale of new fossil fuel-consuming cars after 2035, joining some European countries who have offered similar legislation, though the change is too far in the future to impact markets today. Given today’s quiet outlook, […]

Week in Review – September 25, 2020

WTI crude finished lower for the week from Monday’s open to Friday’s open. Fears of Libyan crude deepening the oil glut caused markets to fall on Monday. The imminent return of 1 MMbpd of Libyan supply spooked the market to start the week. Tropical Storm Beta caused flooding in Houston and Louisiana, but most of […]

Fed Chairman Urges Congress for Stimulus Package

On Wednesday, WTI crude closed slightly higher but is trading sideways in early trading this morning. Despite the resoundingly bullish EIA report yesterday, markets failed to rise above $40/bbl. The dollar strengthened for the fifth day in a row as US equities fell and investors fled to cash. Yesterday’s flight to cash was triggered by […]

Storm Alert – September 23, 2020 – Code Green for all markets

Tropical Storm Beta has been downgraded to a tropical depression. The storm dropped as much as a foot of rain in some areas and caused flooding in Houston and parts of Louisiana. The remnants of the storm are expected to continue to track along the Texas Gulf Coast through Wednesday and move over Louisiana and Mississippi […]

USDOT: 11% Fewer Miles Driven in July

On Tuesday, WTI crude closed slightly higher as it bounced from Monday’s lows. Rising coronavirus cases in Europe and renewed lockdowns in the UK have raised demand fears once again.  Libya returning supply to the market is causing additional worries of adding to the supply glut. Markets are trading up slightly this morning on mixed […]

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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