Hitting Where It Hurts – Saudis to Cut Exports to US

Yesterday brought oil prices back above $52, but given the recent $50-$53 holding pattern for WTI, markets aren’t expecting any breakouts this go-round. Although prices have shown little desire to breach the $50/bbl floor, they seem almost as hesitant to mount a significant rally. This morning crude is trading at $51.54, a drop of $1.04 […]

Week in Review

This week was largely uneventful for prices – while more details were provided on OPEC’s 2019 supply cuts, “new news” was lacking. Oil remained locked in the $51-52 range, while fuel prices hovered within 5-cent ranges. Although the week lacked any fundamental changes, it did bring three separate reports from major energy agencies – the […]

IEA Reports More Bullish View of 2019

Markets are proving once again that any rally will be squashed by concerns about economic growth next year.  After closing above $52 on Friday, crude prices hovered around $51 this week until today. This morning, crude is trading at $50.81, down 34 cents. Fuel prices are mixed this morning, trading inversely to yesterday when diesel […]

Prices Rise Again, API Hints at Tight Supplies

Yesterday brought small price builds across the oil complex, clearing the way for some sizable gains this morning. Crude oil, supported by a large inventory draw reported by the API, is trading at $52.54, up 89 cents (+1.7%) since yesterday’s close. Fuel prices are also on the rise. Diesel prices are $1.8726, up 2.6 cents […]

Markets Higher, Awaiting EIA Reports

Markets once again took a hit as global equities sold off and the US Dollar rose – together signaling continued weakness in emerging economies. Although the news has been generally bullish lately (including OPEC cuts, Canadian cuts, and Libyan production outages), markets have struggled to break out from the overall bearishness in financial markets. This […]

After OPEC Cuts, Markets Uncertain

After OPEC appeased markets on Friday with a 1.2 MMbpd production cut, traders are left questioning whether it will be enough. Today’s losses signal some uncertainty among traders. Crude is currently trading at $51.46, down $1.15 from Friday’s close. Fuel prices are taking a smaller hit this morning, though still remain negative. Diesel prices are […]

Week in Review

While markets at times go long-stretches without any fundamental changes in the market, this week has been non-stop. The week began with several major announcements capturing the attention of traders: The US and China agreed to more intensive trade negotiations to resolve the trade war. Saudi Arabia and Russia agreed, in principle, to the need […]

OPEC Announces 800 kbpd Cuts – Is It Enough?

Markets took a hard beating yesterday as they feared a lack of consensus during the OPEC meeting. Crude fell $1.40 throughout the day, but this morning has reversed course and is on track to close at its highest level since before Thanksgiving. Crude oil is currently trading at $53.81, up $2.32 (+4.5%) from yesterday’s close. […]

OPEC Meeting Starts with a Surprise

Oil prices are trading significantly lower this morning after comments from Saudi Arabia’s energy minister. Crude oil this morning is trading at $50.95, down $1.94 from yesterday. Fuel prices are trading lower as well, giving up recent gains. Diesel prices are trading at $1.8468, down 4.2 cents. Gasoline prices are at $1.4001, a loss of […]

2 Canadian Pipelines Offline

The oil complex maintained small gains yesterday, however small they were. This morning oil is waffling, unsure whether to turn back or progress higher. Crude is currently trading at $53.18, a few cents below yesterday’s closing price. Fuel prices are also roughly flat. Diesel is trading at $1.8965, down 0.4 cents. Gasoline is $1.4431, a […]

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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