EIA: Bearish Crude Builds, But Gasoline Demand Near 2019 Levels

Oil prices moved slightly lower again yesterday, influenced by a surprise crude build that weakened trader sentiments. Positive comments related to US-Iran negotiations, which are happening indirectly in Vienna, are putting downward pressure on the market. The US lifting sanctions on Iran would enable nearly 2 MMbpd of oil to hit global markets, offsetting much […]

Oil Prices Retreat on COVID Cases, Reported Crude Build

After large losses around midday yesterday, crude oil markets managed to limit losses to just under a dollar, while diesel losses amounted to around a penny. Gasoline was the biggest loser yesterday, seeing prices tumble nearly three cents. Today, losses are continuing, undoing last week’s rally and bringing crude oil back around $61/bbl and sending […]

Is Peak Fuel Demand Near?

The oil complex remains flat this morning following last Wednesday’s $3/bbl rally; WTI crude has traded close to the $63/bbl level for four consecutive sessions. Gasoline remains above $2/gal, while diesel prices are hovering around $1.89. COVID cases continue falling in the US but rising elsewhere, keeping markets in limbo until vaccine programs gain traction […]

Week In Review – April 16, 2021

Last week saw oil prices trading within a very narrow $1/bbl range, but crude prices have broken higher this week thanks to strongly supportive data from the IEA and OPEC, as well as strong weekly demand reported by the EIA. After trading near $59/bbl all of last week, crude oil surged past $63/bbl on Wednesday. […]

Geopolitical Tensions Flair in Saudi Arabia, Ukraine

Yesterday, oil prices eked out moderate gains, extending the streak of gains to four days. The US economy is on a hot-streak, and a strong jobs report maintained the upward momentum. While traders are primarily focused on the economy and vaccine rollouts, there’s also plenty of old school geopolitical risk to stoke concerns, too. Saudi […]

Oil Gains 5% on Inventory Draws, Strong Demand

Oil prices rocketed higher yesterday following a bullish EIA report and supportive commentary from the International Energy Agency. Crude oil gained $3/bbl, while fuel prices picked up solid 6-7 cent gains. This morning, markets are slowing down a bit, trading in line with yesterday’s closing price. The EIA’s weekly inventory report provided a lift for […]

Stronger Demand Projections Spurs Higher Prices

Oil prices are inching higher this week, breaking out of the narrow trading band last night to close above $60/bbl for the first time in nearly two weeks. Supporting prices today, OPEC increased its forecast for 2021 global demand growth by 70 kbpd. While that figure isn’t particularly astounding, any increase tells markets that the […]

China’s Digital Yuan – Does It Matter to Oil Prices? (Hint: Yes)

Oil continued its streak of closing near $59/bbl, which has continued since April 6. Markets are caught in a holding pattern – news continues circulating around OPEC+ raising production, COVID lockdowns, and vaccine deployments.  Strong demand data from China is providing support for prices this morning, as markets focus on fundamentals over headlines. The headlines, […]

Kansas Fed Reveals Rising Production, Supply Crunch Risk

After trading within a tight range last week, oil prices are gradually moving higher this morning. WTI crude crept above $60/bbl earlier this morning; if it can rise again and maintain that level, it would be the highest closing price since April 1. A weaker dollar this morning is proving supportive for oil prices, even […]

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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