Prices continued recovering this week after crashing to $66/bbl last week. WTI crude opened at $72/bbl this week and continued climbing from there. Several supportive headlines for oil prices have kept prices from testing last week’s low. Federal Reserve Sees Positive Outlook. The Federal Reserve kept interest rates near zero on Wednesday, noting that the […]
This morning oil prices rose as yesterday’s report of crude oil stockpiles falling spread through the market. According to reports, the U.S. stockpiles fell to their lowest since January of 2020. While it seemed that oil prices were stalling in their rally, the across-the-board draw gave markets another boost. Crude opened the day at $72.40, […]
The rise in COVID-19 cases has not put a damper on the United States oil demand. According to the American Petroleum Institute (API), United States crude oil stocks saw a draw of 4.7 million barrels for the week ended July 23. This increase in demand has come while the overall number of COVID cases has […]
In the absence of news, oil prices are continuing a choppy sideways trade, with brief surges up and down but no clear trend. Federal officials are reportedly reviewing the need for updated mask guidance. The CDC tightening its mask recommendations could renew consumer fears of exposure, which could, in turn, dampen demand. Although market prices […]
This morning, US crude oil prices are trading flat as traders continue monitoring new COVID-19 variants. Crude opened at $72.18, diesel at $2.1358, and gasoline at $2.2952. Markets are still locked in the continuing pattern – selling off due to COVID variants, then traders buy the dip and cause a surge in pricing. Traders are […]
Yesterday, oil prices continued to rise over 4% despite an unexpected crude inventory hike. Investors are buying the dip, capitalizing on low prices in the hopes that prices will continue their march higher over the next few months. Rising prices are somewhat counter-intuitive, given yesterday’s bearish inventory data. Crude oil inventory levels rose Wednesday for […]
Oil prices bounced back, with crude oil climbing $1.60 yesterday and fuel prices seeing 5 cent gains. The major swings this week have been the result of old news – COVID case rates, OPEC production, and climbing demand. Even old news, though, can significantly drive prices. While the dominant narrative this year has been strong […]
Today, oil prices continue to rise over 4% despite an unexpected crude inventory hike. Investors are buying the dip, capitalizing on low prices in the hopes that prices will continue their march higher over the next few months. Rising prices are somewhat counter-intuitive, given yesterday’s bearish inventory data. Crude oil inventory levels rose Wednesday for […]
Oil-Price Swoon Spurs Traders to Bet on Further Declines Bets that oil investors made in options markets help explain why crude prices fell so sharply on Monday, and show that traders are bracing for prices to lurch lower once more. U.S. crude prices swooned in tandem with stocks and other industrial commodities to start the […]
The fuel driver shortage continues to deepen as high summer demand keeps markets stretched thin. Yesterday, the State of South Dakota – far removed from the normal threats of hurricanes and refinery outages – declared a state of emergency for petroleum deliveries. South Dakota Governor Noem waived federal hours of service requirements for fuel truck […]
