White House and Democrats Reopen Talks on Pandemic Relief

Yesterday, WTI crude closed higher as expectations of a US stimulus package was supported by lawmakers reopening negotiations, with Treasury Secretary Steve Mnunchin highlighting that compromise was possible on some topics.  The market rose after a presidential Tweet that Democratic leaders in Congress asked to speak with President Trump regarding coronavirus economic relief plans. Markets […]

Natural Gas News – August 10, 2020

NGN News 8-10-2020 U.S. rapidly shutting coal in favor of natural gas Since 2010, utilities have retired or announced the closure of more than 500 coal fired power plants in the U.S. This has taken more than 100GW of coal-fired generating capacity out of the American electricity mix. About one-fifth of those closures were facilities either […]

Saudis Cutoff US Exports & Majors Cut Output

Markets are receiving a boost following Trump’s Executive Order over the weekend. Trump signed the order to support economic recovery while Congress argues over the specific details of stimulus legislation. Experts are debating the efficacy of the order, since some of its measures may only be partially effective in supporting the economy. Still, markets are […]

US Adds 1.8 MM Jobs, Iraq Cuts Production – Markets Still Down

Oil prices are at a standstill this morning, continuing to slide back after reaching the highest crude oil price since early March. Much of the oil rally can be attributed to a falling dollar, so today’s small uptick in dollar strength is putting pressure on oil. Outside of the dollar, though, today’s news seems generally […]

Week in Review – August 7, 2020

WTI Crude finished the week higher amid a large crude draw mid-week and falling rig counts. Higher refinery utilization helped WTI crude stocks fall this week, but demand for products could not soak up all the excess production as distillates and gasoline inventories increased. Rig counts have fallen 67% from March highs to 263 active […]

Natural Gas News – August 6, 2020

US natural gas in storage likely rose by below-average volumes as Henry Hub futures surge US natural gas stocks likely increased at a below-average rate once again last week as the return of LNG demand combined with sustained lower domestic production trims the storage surplus, providing significant uplift to futures at the benchmark Henry Hub, […]

Rig Count 67% Down from March Peak

On Wednesday, WTI Crude closed higher based on a sizeable crude draw reported by the EIA and a weak dollar. WTI Crude closed at $42.19/bbl, up 1.2% – the highest close since early March. According to the US Land Rig Count Tracker report, rig counts decreased by five rigs to 263 active rigs.  The number […]

Large Crude Draw Moves the Market Higher

On Tuesday, WTI Crude closed higher on news of a large inventory draw reported by the API.  Crude prices continue to rise in early trading today on the bullish inventory news as traders await confirmation from the EIA later this morning. The crude rally would seem to indicate inventory data is being weighted more heavily […]

Mid-Week Review – August 5, 2020

Low Oil Prices Will Boost Consumption Without a doubt economic growth and income are the primary drivers of oil consumption, but price is the most important secondary element. It’s not that a price crash will encourage consumers to leave their cars running in the driveway, but on the margin, it will make them less inclined […]

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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