Midwest Cold Shuts in Refineries

Although the EIA’s weekly oil report appears bearish on first glance, markets moved higher regardless. Crude oil rallied on a significant Cushing crude draw. After rising 80 cents yesterday, crude oil is trading at $53.55 this morning, down 35 cents. In contrast, fuel prices are trading in the black this morning thanks to high refinery […]

EIA & IEA Reports – What’s coming in 2019?

Oil prices are up slightly this morning, gaining positive traction as government shutdown risks diminish and oil stocks fall. Crude is currently trading at $53.59, up 49 cents since yesterday’s close. Fuel prices are also seeing a boost this morning. Diesel prices, buoyed by a strong inventory draw, are trading at $1.9319, up 2.5 cents. […]

January OPEC Data Shows Output Down

Markets are rebounding from last week’s dip in prices, with markets becoming more hopeful that a second government shutdown will be averted. Crude oil is trading higher this morning at $53.52, up $1.11. Fuel prices are also getting a lift this morning. Diesel prices are trading at $1.9179, a gain of 2.6 cents since yesterday’s […]

Will Russia Abandon OPEC+ Deal?

Today brings another sell-off in the petroleum market, as markets put their focus on US-China trade talks and OPEC production. Crude is trading at $52.08, down 64 cents. Fuel is also trading lower with diesel prices this afternoon trading at $1.8940, down 1.5 cents. Gasoline prices are lower too, trading at $1.4195, down 2.7 cents. […]

Oil Remains Range-Bound despite Bullish Forces

Crude oil remains confined to the $53-$55 band, where it’s traded for the past two weeks. January’s $10/bbl run-up in prices was the largest January bull market in history, so now markets appear to be taking a breather and testing whether another rally is in order.  WTI crude is trading at $53.53, a loss of […]

SOTU Eclipsed by API Data, Venezuela

Oil trading just slightly lower this morning following an inventory report yesterday that did little more than confirm market expectations. Crude took a hit yesterday, falling back roughly a dollar from the previous day’s close, and over $1.50 below Friday’s close above $55/bbl. Crude oil this morning is trading at $53.54, hardly changed from Tuesday’s […]

Citi: Market to Remain Unpredictable

Reaching losses of $2/bbl yesterday, WTI crude managed to claw back most of the losses to settle just 1.3% lower for the day, while fuel prices saw losses under a penny. This afternoon prices are tapering down just slightly, relatively close to yesterday’s closing price. Crude oil is trading at $53.84, a loss of 72 […]

Markets Give Up Friday’s Gains

WTI climbed higher on Friday to close above $55, the highest close since November 19.  This morning, prices have turned lower and given up most of Friday’s gains amid profit taking. Crude oil is currently trading at $54.23, down $1.03 from Friday’s close. Fuel prices are also in the red this morning, though prices have […]

Venezuela, OPEC Import Decline Lifts WTI above $55

After flirting with the $55/bbl threshold yesterday, oil prices ended slightly lower, but still locking in nearly a dollar in gains. This morning, crude prices continue rising, trading at $55.17 after picking up 94 cents. Fuel prices are also trending higher. Diesel popped above $1.90 this morning, currently trading at $1.9215 after picking up 2.3 […]

Venezuela Sanctions to Cut Crude Imports 500 KBPD

Oil is trading sharply higher this morning after the EIA reported a decidedly bullish inventory change this morning. Prices climbed $1.30 yesterday, and appear on track for gains of a dollar or more this morning. Crude oil is currently trading at 54.73, up $1.42 from yesterday and at the highest level since mid-November. Fuel prices […]

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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