Pretty soon, we may need more oil than we can produce The oil industry has always been a boom-and-bust business, and 2020 will go down as the biggest bust in the industry’s history thanks to the double whammy of the coronavirus pandemic and the spring price war between Saudi Arabia and Russia. Click here to […]
Due to the upcoming holidays, FUELSNews will resume its regular schedule on Monday, January 4. We wish you and your families a very blessed, safe, and happy holiday season. On Tuesday, WTI crude closed lower but is clawing back some of those losses in early trading this morning. Bullish inventory news from the EIA is […]
Crude closed sharply lower on Monday as a new strain of COVID-19 was discovered in the United Kingdom. The new strain is more highly transmissible than current known strains of the virus. In response to the discovery, more than 40 countries have banned arrivals from the UK. The fear of the new strain of the […]
After once again setting a multi-month high on Friday, crude oil is trading steeply lower this morning on news of a new strain of coronavirus in England. The new strain is reportedly up to 70% more transmissible, though scientists have thus far seen no signs that it’s more deadly or will react differently to recently […]
After a slowish morning, markets are roaring even higher this morning, with WTI crude now on the cusp of breaking the $50/bbl threshold. If the market can pull that off, it’d be the highest crude has traded since February 2020, before “COVID-19” became a household term. Winter Storm Gail has now passed through the Northeast, […]
WTI crude started the week higher on news of vaccine distribution beginning in the US. Fuel prices have been rising faster than crude prices, and recently crack spreads have been above $10, signaling the likely return of refinery utilization. Falling crude inventories reported by the EIA mid-week helped to continue the rally as a crude […]
Winter Storm Gail brought intense snowfall to the Pennsylvania/New York region, dumping over 40″ of snow since yesterday – far exceeding the 18″ forecasts from a couple days ago. Gail is moving northward, taking heavy snowfalls up to Northern New York and the New England area. Wind gusts have been reported of up 20-25 mph […]
Yesterday’s EIA report sent markets into yet another climb, with WTI crude surpassing $48/bbl for the first time in months. In addition to vaccine news and a bullish EIA report, markets are also benefiting from hopes of a coronavirus stimulus bill passing through Congress before the end of 2020, which would give the economy a […]
Winter Storm Gail is already bringing some wind and snow to the Northeast, with its heaviest effects expected to come this afternoon through early Thursday morning. Forecasters warn Gail will be the strongest winter storm in several years, bringing 12″-18″ of snow to northern states and 1″-3″ further south in Virginia and Maryland. The threat […]
Fuel markets climbed to yet another high to end yesterday’s trading session, putting the US crude contract at a whopping $47.62/bbl. Like many other mornings this week, trading is flat/lower. For the last two weeks, those types of mornings have either resulted in a flat trade or a moderate gain, but the EIA’s weekly petroleum […]
