USDOT: 11% Fewer Miles Driven in July

On Tuesday, WTI crude closed slightly higher as it bounced from Monday’s lows. Rising coronavirus cases in Europe and renewed lockdowns in the UK have raised demand fears once again.  Libya returning supply to the market is causing additional worries of adding to the supply glut. Markets are trading up slightly this morning on mixed […]

Mid-Week Review – September 23, 2020

Oil down after U.S. crude inventories rise against expectations Oil prices fell on Wednesday after an industry group reported a surprise rise in U.S. crude, adding to worries about demand that led to a steep selloff earlier in the week. Click here to read more from CNBC. Oil refiners worldwide struggle with weak demand, inventory […]

Storm Alert – September 22, 2020 – Tropical Storm Beta- Code Orange

Tropical Storm Beta made landfall on Monday night along the middle Texas coast near the Matagorda Peninsula. Beta is moving slowly as it tracks directly along the Texas coastline. The system will bring heavy rain, storm surge, and possible flooding from the northern Texas coast to Louisiana over the next few days. In response to the storm, both […]

UK Mulls Second Wave COVID Lockdowns

Crude followed US equities lower yesterday, dropping more than 4% to close at $39.31.  Markets are still fearful that 1 MMbpd of Libyan supply will deepen the oil glut, with a quarter of that coming online by next week. Additionally, Tropical Storm Beta passing over the Gulf Coast with little supply effect removed some bullish […]

Storm Alert – Hurricane Teddy & TD 22 – Code Yellow – September 18, 2020

Hurricane Teddy is currently making its way toward Bermuda. Tropical Depression 22 is developing in the Gulf of Mexico and will likely strengthen as it wanders in the western Gulf through early next week. Mansfield is tracking both disturbances as well as several others in the Atlantic. Mansfield will keep you informed of further developments as […]

OPEC Tightens Compliance as Libya Resumes Output

Oil is trading sideways this morning after gaining nearly 10% over the course of the week. Although OPEC’s focus on increasing deal compliance gave markets a boost over the past two days, Libya’s increased production is giving the market pause. Libya’s oil field has been a source of volatility for years. Militant forces led by […]

Week in Review – September 18, 2020

Blink and you might have missed the faltering oil market from past weeks. WTI crude broke below $40/bbl on September 4, and by the middle of this week had already gained a position above that threshold. The week started with bearish news including the UAE uncharacteristically pumping above their OPEC quota. In addition, Libya announced […]

Natural Gas News – September 17, 2020

Nat Gas News 9-17-20 The Latest Threat For China’s Natural Gas Demand A drive to cut electricity prices for end-users has prompted Beijing to reduce gasfired power plant tariffs, which has threatened the survival of many of them, Wood Mackenzie reports, adding to already substantial pressure on the industry from the ongoing trade war with […]

Crews Returning to Oil Platforms in the Gulf

On Wednesday, WTI crude closed $1.88 (4.9%) higher.  Supporting prices was EIA inventory news of a surprise draw. Also lifting prices was Hurricane Sally’s effects on production. Crude is giving back some of those gains in early trading this morning. Crude producers are preparing to send crews back to oil platforms in the Gulf as […]

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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