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 […]

Tropical Storm Isaias Eyes the Northeast

Yesterday, WTI crude closed higher on better than expected manufacturing data coming from Asia, Europe, and the US. The data would seem to indicate that the worst of the impact from the pandemic is behind us. Crude is continuing to trend higher this morning as it rallies from earlier lows. Isaias made landfall as a […]

OPEC Boosts Output as US Enters “New Phase” of Coronavirus

After extending historic 9.7 MMbpd cuts through July, OPEC+ is now slowly unwinding its production cuts, moving to 7.7 MMbpd. That level will hold through December, downshifting again in January to 5.8 MMbpd. With global oil demand still well below normal levels and coronavirus cases rising around the world, many see the increase as a […]

US Dollar Provides Oil Tailwinds

Oil prices slid by $1.35 yesterday (-3.3%) after the US Commerce Department reported the largest single-quarter GDP drop in history: -32.9% on an annualized basis. The news was not a surprise (CNBC reports that markets were expecting a 34.7%) drop, but it still cast shadows over traders by highlighting just how dismal the economy 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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