Mid-Week Review – December 23, 2020

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 […]

Trump’s Stimulus Demand Pressures McConnell

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 […]

Is the Vaccine Rally Finished?

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 […]

New COVID Strain Spooks Markets

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 […]

Week in Review – December 18, 2020

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 – Code Orange Alert – December 17, 2020

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 […]

Dollar Driving Oil Rally

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 – Code Orange – December 16, 2020

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 […]

Oil Inventory Build Weakens Rally

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 […]

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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