With America now taking the lead on number of coronavirus cases globally, fuel demand prospects for the coming weeks seems weaker than ever. Amid social distancing efforts, fuel demand is low enough now to evoke a response from refineries. India’s leading refiner has cut throughput by 25%-30%, and East Asian countries are following suit. From […]
Crude oil prices closed with 25% gains yesterday – which under normal circumstances would have caused mixed jubilance and panic for traders and unequivocal terror for fuel buyers. But the $5 pick-up from Wednesday’s $20 close hardly seems a cause of concern. Oil prices remain at incredibly low levels. US policymakers are reportedly making plans […]
Markets are continuing to take a beating this morning, following an emergency Federal Reserve interest rate cut over the weekend which sent a new wave of jitters to investors. Having already cut rates by 0.5% two weeks ago, the Fed this weekend slashed rates by another 1%, bringing them to essentially zero. The cut represents […]
After a week of panic selling and market struggles, both equities and commodities are beginning to find their footing, providing a reprieve (however brief) from the bear market. Of course, it’s hard to determine how much of today’s rally is short covering versus a slow return to normalcy. While equities have been spooked by coronavirus […]
The oil price wars have begun. Prices are down by the largest amount since the 1991 Gulf War, and agencies are racing to reconsider their price forecasts for the year. The stock market halted trading immediately after reopening due to massive losses. What’s going on? On Friday, Russia fired the first shot of the war. […]
Oil prices are tumbling once again to multi-year lows this morning on news that Russia has spurned OPEC’s recommendation to cut production by an additional 1.5 MMbpd through Q2 2020. The agreed deal would be split, with 1 MMbpd coming from OPEC and the remaining 500 kbpd coming from non-OPEC producers like Russia. The group […]
After a few attempts at a rally yesterday, crude prices ended the day lower, though fuel prices managed to eke out some moderate gains. Despite a relatively bullish EIA report, markets were unable to overcome the sluggish economic outlook. Banks have taken a pessimistic view of prices and oil fundamentals, with Goldman Sachs now forecasting […]
Oil markets are continuing their steep drop, in a sell-off reminiscent of the price crashes seen in 2015-16 and, before that, in 2009. Crude oil and diesel prices have shed nearly 30% of their value since the beginning of the year, while gasoline losses are around 22%. Crude prices are at their lowest level in […]
Yesterday brought moderate gains for oil prices thanks to a relatively bullish EIA inventory report. Crude inventories showed a 0.4-million barrel build, well below market expectations and API forecasts. Both diesel and gasoline stocks fell on the week, providing some support for prices. Today, oil prices are plummeting following comments from Russia’s Energy Minister Novak […]
Markets are continuing their slow recovery, with markets hopeful that economic stimulus in China. The large reported uptick in coronavirus infections is now understood to have come from a change in how Chinese infection data was reported, rather than from an actual increase in cases. The US and China are today rolling back some tariffs […]
