Oil prices lower on global COVID worries, U.S. inventories Oil futures traded lower Tuesday as traders grappled with rising COVID-19 infections in Asia, while awaiting official data on U.S. crude supply levels after a trade group reported an unexpected rise in inventories. West Texas Intermediate crude for June delivery CL.1, -1.06% CLM21, -1.42% fell 91 cents, or 1.5%, to $61.76 […]
This morning, oil prices briefly turned higher following a force majeure situation in Libya, but since then markets have fallen into the red. Today marks one full year since WTI crude prices fell to -$37.63. Now, prices are back above pre-pandemic levels – and impressive feat, given the worst pandemic in a century. As oil […]
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 […]
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. […]
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 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 […]
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 […]
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 […]
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, […]
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 […]
