Oil prices climbed higher throughout the week, and one bank sees it as the start of a broader rally. Goldman Sachs is calling for crude oil prices to rise more than 10% over the next few months as oil demand climbs back to pre-COVID levels and interest rates remain low. In addition, the US’s relative […]
Downstream fuel markets have been abuzz following a recent CNN report that warned of gasoline shortages this summer. The cause, though, has nothing to do with gasoline supplies. Refiners are continuing to keep up with demand and inventories – though below COVID levels – are healthy. Supply and demand are both on the rise, but […]
Despite a mixed API report, crude oil markets gained nearly a dollar per barrel yesterday, and the gains are continuing this morning. The CDC loosened guidelines on mask-wearing in the US, saying that mask-wearing outdoors was unnecessary except in crowds and that fully vaccinated individuals can assemble indoors without masks. The measure adds confidence that […]
Oil Prices Climb As OPEC+ Holds Firm on Output Cuts The OPEC+ group will not hold a full ministerial meeting on Wednesday as planned, delegates at the Joint Ministerial Monitoring Committee (JMMC) agreed at their meeting on Tuesday, signaling confidence in the current plans to ease the production cuts as of May despite surging COVID […]
After a rocky start at the beginning of the day, oil prices moved higher yesterday following an announcement that the US would begin distributing its stock of AstraZeneca vaccines to other countries. The US currently has 60 million AstraZeneca vaccines in stock, but federal authorities have not yet approved its use in the US. With […]
Friday’s late-breaking rally is unwinding this morning, with concerns over COVID cases in India dampening sentiments. Friday saw WTI crude prices pop above $62/bbl, but this morning those gains have disappeared. In addition to growing COVID, OPEC’s production hikes go into effect on Saturday, so global markets will need to absorb more oil. OPEC+ will […]
Oil prices are trading flat this morning, continuing their sideways trading trend seen since Wednesday. With India’s COVID cases rising and their hospitals filling, traders are concerned about the potential impact on demand. India consumed around 5.3 MMbpd in 2019, making it the third-largest consuming country. Putting India’s oil demand situation in context: their daily […]
This week has seen relatively light trading action, with oil prices giving up some of last week’s gains. As oil prices celebrated the one-year anniversary of prices falling into negative territory, traders reflected on the current environment. Demand is much stronger than last year, though rebounding infection rates in India and Japan, among other countries, […]
Oil prices moved slightly lower again yesterday, influenced by a surprise crude build that weakened trader sentiments. Positive comments related to US-Iran negotiations, which are happening indirectly in Vienna, are putting downward pressure on the market. The US lifting sanctions on Iran would enable nearly 2 MMbpd of oil to hit global markets, offsetting much […]
After large losses around midday yesterday, crude oil markets managed to limit losses to just under a dollar, while diesel losses amounted to around a penny. Gasoline was the biggest loser yesterday, seeing prices tumble nearly three cents. Today, losses are continuing, undoing last week’s rally and bringing crude oil back around $61/bbl and sending […]
