Winter Storm Orlena- Code Orange – January 29, 2021

With Winter Storm Nathaniel now fully past the northeastern US, Mansfield is watching Winter Storm Orlena as it develops in the western US. The Weather Channel is calling for 6 inches of snow this weekend stretching from southern Wisconsin down to Columbus, Ohio. Some areas may see over a foot of snow. After pummeling the […]

New Single-Shot Vaccine Shows 72% Efficacy in US

Oil markets are rising higher this morning, supported by a new Johnson & Johnson vaccine reaching the end of clinical trials. Although the efficacy appears to be just 72% in the US (and lower against the South Africa variant), it only requires a single jab, making its logistics far less complex than the Pfizer and […]

Week in Review – January 29, 2021

This week was full of price swings, but none of those swings resulted in a meaningful trend for the week. The oil market seemed to be taking in new political news carefully, tucking it away rather than acting on it. This week certainly wasn’t short on political news – from stimulus deal fighting to Biden […]

No New Leases on Federal Land – What’s the Impact?

Although equity markets shed 2% yesterday, oil markets remained within their narrow trading range, rising slightly higher to close out the day thanks to a bullish EIA report. Adding to the bullish sentiment is sweeping climate change action taken by President Biden, including an indefinite pause on new leases for oil drilling on federal land. […]

Market Extends 12-Day Streak of Narrow Trading Range

Oil prices are continuing to trade sideways this morning, continuing a 12-day streak of days that have traded between $52-$53/bbl. Although movement higher seems unlikely due to overhanging inventories and rising COVID cases, market bulls continue buying any dips. Although plenty has happened over the past three weeks of trading days, the market has been […]

Mid-Week Review – January 27, 2021

Elon Musk’s gas drilling plans in Texas meet legal resistance Elon Musk recently moved to Texas, where he launches some of his rockets and is building a battery factory. Now, for good measure, he plans to drill for natural gas in the state. The billionaire’s SpaceX intends to drill wells close to the company’s Boca […]

Winter Storm Nathaniel – Code Orange – January 26, 2021

Mansfield continues monitoring the path and effects of Winter Storm Nathaniel.   The storm moved east yesterday afternoon and is currently impacting the Great Lakes, bringing heavy snow and icy roads. It will move further east into New England throughout the day.   Thus far, fuel markets have not experienced negative impacts, and operations have […]

Crack Spreads Rise – Will Refiners Follow?

Oil prices are ticking flat/higher this morning as markets continue focusing on oil production losses in countries like Iraq and Libya. In addition, OPEC’s estimated deal compliance is sitting at 85% for January so far, an improvement over December’s 75% compliance. With substantial quantities of crude being kept off the market, the short-term fear of […]

Winter Storm Nathaniel – Code Orange

The Midwest and Northeast are preparing for incoming Winter Storm Nathaniel. The storm is beginning to form along the West Coast, bringing some snow from California to Colorado. By Tuesday afternoon, the storm will shift east of the Great lakes into the New England region, bringing 8”-12” snowfalls. Expect frigid temperatures in some areas by […]

Iraq, Libya Face Reduced Output

Despite a market run-up this morning that briefly sent fuel prices nearly 2 cents higher per gallon, the market is trading flat/lower this morning. Over the weekend, a few supply issues reared their head. Iraq is set to reduce their output to 3.6 MMbpd to offset above-quota production in 2020, taking their production to a […]

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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