After a long holiday weekend with little activity during Friday’s trading session, crude oil markets remain near the highs set last Wednesday, thanks to anticipation of a COVID vaccine and OPEC production cuts. The OPEC+ gang is meeting today to discuss the future of cuts. The group is cutting output by 7.7 MMbpd today, scheduled […]
On Tuesday, WTI crude closed sharply higher following US equities. The Dow Jones Industrial Average closed above 30,000 for the first time in history and crude followed to levels not seen since March. The major drivers lifting markets are news of multiple highly effective coronavirus vaccines and the beginning of the official transition of power […]
Why The Vaccine Oil Rally Won’t Last Oil is on the rise after a third company developing a vaccine for Covid-19 announced positive efficacy results this week. They may well continue to rise for a while, but it would pay to be careful with betting on an endless rally. Click here to read more from […]
Crude closed higher yesterday on the latest news of another effective vaccine. Crude is continuing its gains this morning as Middle East conflict rears its head in the form of a missile attack on Saudi Aramco facilities in the Saudi port city of Jeddah. Yemen’s Houthi rebels fired a Quds-2 cruise missile at a Saudi […]
Natural Gas News – November 23, 2020 Climate Targets Could Slash Natural Gas Investment By $1 Trillion Limiting global warming to 2 degrees Celsius above the temperature in pre-industrial times could mean significantly reduced investments in natural gas supply through 2040, analysts warn. If the world is to go down the 2-degree pathway, investment in […]
Oil prices are rising this morning following yet another vaccine, Oxford-AstroZenaca, announcing results showing an average 70% effectiveness. Behind that average, though, the study found that certain doses were as much as 90% effective. Numerous vaccines mean more producers can work on manufacturing simultaneously, meaning more vaccines available sooner for distribution. The head of America’s […]
Markets are trading sideways this morning, though remain elevated overall for the week. Markets are wrestling with two conflicting stories – short-term lockdown concerns and long-term hope for a rapid vaccine deployment. The crude oil forward curve, which shows the trading price of crude for each month over the next several years, has narrowed significantly […]
WTI crude finished the week higher, starting up on Monday with news of another effective vaccine lifting the market throughout the week. This new vaccine by Moderna reported 95% efficacy rates and a more manageable storage temperature. An inventory build in crude mid-week put downward pressure on the market but could not overcome OPEC optimism […]
WTI crude closed slightly higher yesterday on the hopes of OPEC+ balancing the market and the continuation of the rally from coronavirus vaccine news. This morning, however, the market is feeling downward pressure from mounting coronavirus infections and deaths and rumors of the UAE considering leaving OPEC. The US has surpassed a grim milestone of […]
Oil bidding war underway among Asian refiners Physical cargoes of crude oil from Russia, the U.S. and the Middle East were getting snapped up at higher prices as buyers across Asia entered a bidding war to secure supplies. Chinese demand also grew after private refiners received crude-import quotas that were 20% larger than last year’s […]
