Is Peak Fuel Demand Near?

The oil complex remains flat this morning following last Wednesday’s $3/bbl rally; WTI crude has traded close to the $63/bbl level for four consecutive sessions. Gasoline remains above $2/gal, while diesel prices are hovering around $1.89. COVID cases continue falling in the US but rising elsewhere, keeping markets in limbo until vaccine programs gain traction […]

Week In Review – April 16, 2021

Last week saw oil prices trading within a very narrow $1/bbl range, but crude prices have broken higher this week thanks to strongly supportive data from the IEA and OPEC, as well as strong weekly demand reported by the EIA. After trading near $59/bbl all of last week, crude oil surged past $63/bbl on Wednesday. […]

Geopolitical Tensions Flair in Saudi Arabia, Ukraine

Yesterday, oil prices eked out moderate gains, extending the streak of gains to four days. The US economy is on a hot-streak, and a strong jobs report maintained the upward momentum. While traders are primarily focused on the economy and vaccine rollouts, there’s also plenty of old school geopolitical risk to stoke concerns, too. Saudi […]

Oil Gains 5% on Inventory Draws, Strong Demand

Oil prices rocketed higher yesterday following a bullish EIA report and supportive commentary from the International Energy Agency. Crude oil gained $3/bbl, while fuel prices picked up solid 6-7 cent gains. This morning, markets are slowing down a bit, trading in line with yesterday’s closing price. The EIA’s weekly inventory report provided a lift for […]

Stronger Demand Projections Spurs Higher Prices

Oil prices are inching higher this week, breaking out of the narrow trading band last night to close above $60/bbl for the first time in nearly two weeks. Supporting prices today, OPEC increased its forecast for 2021 global demand growth by 70 kbpd. While that figure isn’t particularly astounding, any increase tells markets that the […]

Mid-Week Review – April 14, 2021

Oil Market Report – April 2021 A year on from what the IEA called “Black April”, one of the darkest months ever for world oil markets, fundamentals look decidedly stronger. The massive overhang in global oil inventories that built up during last year’s Covid-19 demand shock is being worked off, vaccine campaigns are gathering pace […]

China’s Digital Yuan – Does It Matter to Oil Prices? (Hint: Yes)

Oil continued its streak of closing near $59/bbl, which has continued since April 6. Markets are caught in a holding pattern – news continues circulating around OPEC+ raising production, COVID lockdowns, and vaccine deployments.  Strong demand data from China is providing support for prices this morning, as markets focus on fundamentals over headlines. The headlines, […]

Kansas Fed Reveals Rising Production, Supply Crunch Risk

After trading within a tight range last week, oil prices are gradually moving higher this morning. WTI crude crept above $60/bbl earlier this morning; if it can rise again and maintain that level, it would be the highest closing price since April 1. A weaker dollar this morning is proving supportive for oil prices, even […]

2021 Hurricane Season to be “Above Average”…Again

Oil trading action is relatively calm this morning, easing from choppy trading earlier this week. Although recent focus has moved to US unemployment claims, Iranian oil hitting the market, and COVID-related restrictions in some countries, there’s still plenty of optimism that demand is recovering. Yesterday, Colorado State University released its first outlook for the 2021 […]

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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