Iran may be the next major talking point for oil markets. President Biden is attempting to revive the nuclear deal with Iran, which would including lifting sanctions that are keeping millions of barrels of oil off the market. The Joint Comprehensive Plan of Action (JCPOA), signed in 2015 by former-President Obama, was exited in 2018 […]
Oil markets are settling back into the “crash and recover” pattern we’ve seen over the past few weeks. Last Thursday saw WTI crude prices climb $2/bbl higher, then Monday brought a $3/bbl crash. This morning, prices are once again recovering above $60/bbl, recouping half of yesterday’s losses. Fuel prices have seen comparable gyrations; 4-6 cent […]
On Thursday of last week, OPEC+ met and agreed to reduce their cuts slightly, gradually phasing in roughly 1 MMbpd of production over the next three months. The market initially reacted favorably to the announcement, with crude up nearly $2/bbl late on Thursday. The initial reaction on Thursday stemmed from added certainty that OPEC+ won’t […]
FUELSNews will resume on Monday, April 5. The Mansfield Supply & Marketing Team wish you a peaceful Good Friday! Despite a small surprise draw in crude inventories, crude prices ended Wednesday off by nearly a dollar. Fuel prices also shed 2-3 cents. Markets are watching OPEC+ for a decision today about their future production. Most […]
After pulling back moderately yesterday, oil markets are trading steady as they await the EIA’s weekly inventory data, Biden’s new infrastructure plan, and more news regarding OPEC’s future production strategy. So far, OPEC members seem aligned on maintaining their current strategy. A month ago, the group was scorned for maintaining cuts in the face of […]
There’s been some good breaking news from the Suez Canal, with diggers finally getting the ship afloat. A swelling tide on Monday morning helped make the ship’s stern (rear) slightly maneuverable, and continued efforts enabled them to dislodge the bow (front) this morning. The backlog of shipping vessels numbers in the hundreds, including 35 crude […]
This week is one to remember – oil prices have seen $2/bbl price moves nearly every day this week! Just look at diesel markets which crashed 8 cents lower on Tuesday, gained all of that back on Wednesday, then lost another 8 cents on Thursday. And today, it’s almost back where it started! Your neck […]
Oil price volatility continues this week, with huge up-and-down movements for oil prices each day. Yesterday, oil prices once again plummeted, approaching Tuesday’s low closing level. Some of the volatility is driven by the Suez Canal blockage. There are ships on both sides trying to pass through, and a surprise tanker delivery (or a decision […]
A few days ago, we commented that WTI crude prices had not closed below $60 for two consecutive sessions since Feb 12. Bullish traders must have heard that as a challenge, and they joined together to push oil prices almost $3.50 higher during yesterday’s session. The frenzy of buying and selling now could give one […]
Yesterday brought yet another wave of selloffs thanks to a bearish API report, which we’ll discuss below. Over the past week, a major factor cited for the downturn has been delays in Europe’s vaccine rollout. With all the news circulating, an astute FUELSNews reader asked yesterday, “Why do vaccinations in Europe have an impact on […]
