After pulling back moderately yesterday, oil markets are trading steady as they await the EIA’s weekly inventory data, Biden’s new infrastructure plan, and more news regarding OPEC’s future production strategy. So far, OPEC members seem aligned on maintaining their current strategy. A month ago, the group was scorned for maintaining cuts in the face of […]
Crude Oil Price Forecast – Crude Oil Markets Continue Noisy Behavior The West Texas Intermediate Crude Oil market has been all over the place during the trading session on Monday as we continue to see conflicting headlines cause major issues. For example, the tanker in the Suez Canal has finally been moved, but at this point in […]
Last week’s oil volatility seems to have cooled off a bit, as yesterday brought just a 60-cent price increase for crude oil. This morning, prices are cooling off by $1/bbl but haven’t shown signs of a broader selloff. Now that the Suez Canal is open and global maritime traffic can get moving again, traders are […]
There’s been some good breaking news from the Suez Canal, with diggers finally getting the ship afloat. A swelling tide on Monday morning helped make the ship’s stern (rear) slightly maneuverable, and continued efforts enabled them to dislodge the bow (front) this morning. The backlog of shipping vessels numbers in the hundreds, including 35 crude […]
This week is one to remember – oil prices have seen $2/bbl price moves nearly every day this week! Just look at diesel markets which crashed 8 cents lower on Tuesday, gained all of that back on Wednesday, then lost another 8 cents on Thursday. And today, it’s almost back where it started! Your neck […]
Oil price volatility continues this week, with huge up-and-down movements for oil prices each day. Yesterday, oil prices once again plummeted, approaching Tuesday’s low closing level. Some of the volatility is driven by the Suez Canal blockage. There are ships on both sides trying to pass through, and a surprise tanker delivery (or a decision […]
A few days ago, we commented that WTI crude prices had not closed below $60 for two consecutive sessions since Feb 12. Bullish traders must have heard that as a challenge, and they joined together to push oil prices almost $3.50 higher during yesterday’s session. The frenzy of buying and selling now could give one […]
Yesterday brought yet another wave of selloffs thanks to a bearish API report, which we’ll discuss below. Over the past week, a major factor cited for the downturn has been delays in Europe’s vaccine rollout. With all the news circulating, an astute FUELSNews reader asked yesterday, “Why do vaccinations in Europe have an impact on […]
EIA Expects Crude Prices to Rise Through April In its March Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $64 per barrel (b) in the second quarter of 2021 and then fall to less than $60/b through the end of 2022. Higher crude oil prices in March and […]
Oil markets are seeing yet another sell-off this morning, driven by renewed lockdowns in Europe that threaten the oil demand recovery. Germany, the heaviest fuel consumer in the EU, extended lockdowns into April. France and Poland have also announced lockdown measures. Many EU countries have experienced hiccups in their vaccine rollout program, which is threatening […]
