Crude Oil Hits 3-Yr High on Strong Economic Data

Oil prices climbed to three-year highs at yesterday’s closing price, with WTI crude settling at $66.85. Today, fuel prices are peaking above multi-year highs as well, after hovering near the high for the past two weeks. The Commerce Department reported that US GDP growth was 6.4% last quarter, a clear sign of demand recovery. Memorial […]

Week In Review – May 28, 2021

Throughout the week, oil prices remained mostly flat, with a few jumps throughout the week. Crude jumped from $63.87 to $66.02 on Monday, and diesel also saw gains that day. Gasoline, however, remained consistently flat throughout the week with minor fluctuations. Monday’s rise in fuel prices were ignited by the constant threats to the US-Iran […]

Will Summer Driving Season Cause Gasoline Shortages?

Oil prices are back to the top of their recent range, with WTI crude pushing higher into the $66/bbl range. Fuel prices are also elevated: diesel has traded above $2/gal for the past week, and gasoline has cost more than $2/gal for a full month. With Memorial Day weekend – the kickoff for summer driving […]

Oil Settles Higher on API’s Inventory Draw

Despite a slow start yesterday morning, oil prices closed the session a few cents higher than Monday’s close, putting prices at the top of its recent $63-$66 range.  Today, prices are trading sideways/slightly lower, recovering from the rally over the past two days. The API released their weekly inventory data, which echoed the market’s expectation […]

Mid-Week Review – May 26, 2021

WTI crude trading trends suggest a U.S. oil supply crunch as driving season nears A key price spread in the market for West Texas Intermediate crude is signaling that oil traders are bracing for a potential supply crunch just ahead of the busy summer driving season that sparks a demand surge. The June-July WTI time-spread, […]

Oil Near One-Week High – US Drillers Add Oil & Gas Rigs

Today oil prices fell from the one-week highs set yesterday. Oil rose more than 3% above last week due to faltering US-Iran negotiations. Crude futures were down 20 cents, and US West Texas Intermediate futures were off 29 cents after attaining near 4% gains on Monday. This week in Vienna, the United States and Iran […]

Goldman Calls for $80 Oil, Despite Progressing Iran Deal

After trending lower last week, fuel prices are on the rise again this morning, buoyed by threats to the US-Iran nuclear deal. The UN’s nuclear watchdog, the International Atomic Energy Agency (IAEA), narrowly reached an agreement with Iran to extend its three-month monitoring agreement for another month. The deal is not directly related to US-Iran […]

US & Iran Move Closer to Nuclear Agreement

Oil markets yesterday broke out of the narrow range held since late April, with WTI crude falling to $62/bbl at closing time. This morning, prices seem to be breaking the three-day down streak, with crude prices up by nearly a dollar and fuel prices gaining around three cents per gallon. With Memorial Day (the unofficial […]

Week In Review – May 21, 2021

Oil prices were highly volatile throughout the week as the Colonial Pipeline (CPL) slowly returned to normal operations. Gas stations across much of the Southeast are now slowly starting to see a return to normal fuel deliveries. Given that the supply chain needs time to catch consumers’ demand, prices shifted as predicted throughout the week. […]

IEA Drops Curveball Report, Inflation Fears Rise

This week the International Energy Agency (IEA) dropped a surprising report encouraging no new oil and gas investments after 2021. The statement followed a net-zero emissions summit, which set a goal of net-zero emissions by no later than 2050. According to the IEA, the only way to achieve a net-zero emissions target by 2050 is […]

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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