Storm Alert – Code Red – August 31, 2021 PM

Storm Alert – Hurricane Ida – Code Red Damage assessments remain underway in the Louisiana and Mississippi markets. Power is still offline for many residents, and refineries are still down. Fuel concerns are beginning to spread outside the region due to tight carrier capacity and lack of refinery supply. Two days after the storm, recovery efforts […]

Ida Knocks Out Supply and Demand, Leaving Markets Neutral

Although the morning opened with a steep selloff, prices have recovered most of those losses. Prices leaped higher as Hurricane Ida approached the Gulf Coast, but gains are subsiding slowly. After dropping $1/bbl this morning, crude oil has narrowed losses to just 30 cents, while fuel prices are less than 2 cents down. Although refinery […]

Ida Knocks Out Major Refineries, Disrupts Oil Production

Hurricane Ida has left its mark on the southeast after making landfall Sunday. When the category four hurricane hit Louisiana, fuel markets were sure to be disrupted as it crushed through towns with winds of 150 mph. On Sunday, New Orleans was left without power as the storm passed through, creating problems for refineries in […]

Will Today’s Inventory Reports Extend the Oil Rally?

After crude oil gained $2/bbl yesterday, prices are trading flat this morning as the market awaits updated inventory data from the EIA. Gasoline prices are taking the lead today, posting another 3.5 cent gain given positive inventory trends and continued optimism related to the FDA’s approval of Pfizer’s vaccine. The API’s inventory numbers were unenthusiastic, […]

Markets Bounce Back, Fuel Up 14 Cents in Two Days

Across the board, financial markets are responding favorably to the FDA approval of Pfizer’s COVID vaccine. Health experts believe the decision will instill confidence for those hesitant about getting the jab, increasing vaccination rates in the US and abroad. Moreover, China reported no new COVID cases yesterday for the first time in a month, another […]

Oil Rockets Higher After 3-Month Low

This morning crude opened at $61.96, the lowest price since May; however, prices began rebounding later in the morning on a weaker US dollar and short-covering. Similar to crude oil this morning, diesel also opened at a multi-month low of $1.8970 and gasoline opened at $2.0101 to start off the week. The US Dollar has […]

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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