OPEC Pledges to Support Crude Market

Crude is down this morning and is feeling some pressure from the concern around demand loss from rising coronavirus cases. Reports on Monday showed that coronavirus around the world topped over 40 million cases. This second wave of cases in North America and Europe is triggering various degrees of lockdowns and restrictions which may impact […]

Natural Gas News – October 19, 2020

Natural Gas News – October 19, 2020 Henry County awarded $1.5 million grant from Appalachian Regional Commission to connect Commonwealth Crossing to natural gas service The Appalachian Regional Commission announced a $1.5 million grant to Henry County this week to help connect the Commonwealth Crossing industrial park to natural gas. This funding will go towards […]

OPEC+ Meets amid String of Bearish Trends

Markets are mixed this morning as traders focus on rising COVID-19 cases and the resumption of Libya’s oil production. The demand outlook for this winter is becoming increasingly dismal, and the prospects of a US stimulus package passing before the election seem low. Oil markets are watching OPEC+’s meeting today for signs of any changes […]

EIA Reports Biggest Petroleum Draws in 18 Months

Prices whipsawed yesterday, plunging by a dollar early in the day before rising following the EIA’s bullish inventory report. By the end of the day, prices closed less than 10 cents off from Wednesday’s closing level. This morning, prices are trading slightly lower, with gasoline leading the way. The EIA’s weekly report showed a crude […]

Week in Review – October 16, 2020

WTI crude finished the week slightly higher while products finished lower by a small margin. A trifecta of rebounding supply caused a moderate selloff on Monday. On Sunday, US workers began returning to Gulf platforms that had been evacuated ahead of Hurricane Delta. In Libya, force majeure was lifted from its largest oil field, Sharara; […]

Natural Gas News – October 16, 2020

Natural Gas News – October 16, 2020 Energy demand to receive a work-from-home boost this winter “Get yours before they go,” says the headline on a home improvement article dedicated to the hottest housing trends. The must-have item? A patio heater. With winter in the northern hemisphere fast approaching, the Covid-19 pandemic is prompting families […]

Surging Infections Trouble Market

WTI crude is down sharply in early trading this morning. New restrictions to slow the surge of coronavirus cases has increased uncertainty about the pace of economic and fuel demand recovery: London: Tighter COVID-19 restrictions are expected to take effect starting at midnight on Friday. France: Nearly a third of the population is under a […]

OPEC+ – Will They Balance the Market or Stick to Their Plan

WTI crude and products are up somewhat this morning, trading sideways at times as markets consider a growing second wave of coronavirus cases around the world. The US has seen 30,000 to 35,000 new cases per day in September but is now back up to 50,000 daily new cases.  These kinds of statistics are causing […]

Mid-Week Review – October 14, 2020

IEA forecasts a serious, ongoing oil demand hit from Covid-19 After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday. Even in that case, which is the most optimistic scenario for oil considered by […]

IEA World Energy Outlook – Crystal Ball?

Crude fell nearly 3% on Monday, as supply came back online from multiple sources. The return of supply was the major factor moving markets lower yesterday and continues to pressure markets today.  Crude is recouping some of its losses this morning on positive news coming out of China. China is the world’s largest crude importer […]

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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