Oil Hits 2-Yr High, OPEC+ Maintains Cuts

OPEC+ surprised the market yesterday, causing oil prices to skyrocket at the end of the session, with gains continuing this morning.  The group announced they would maintain current production levels, rather than increasing output by 500 kbpd as the market had expected. Saudi Arabia will also continue their voluntary 1 MMbpd cuts through April, keeping […]

Mid-Week Review – March 3, 2021

Energy leaders grapple with climate targets at virtual CERAWeek Global energy leaders and other luminaries like incoming Amazon Chief Executive Andy Jassy focused on the tough road to transforming world economies to a lower-carbon future at the kickoff of the world’s largest energy conference on Monday. Numerous speakers at CERAWeek were prepared to talk about […]

Why Are Refineries Closed?

Why Are Refineries Closed? Freezing weather hampered fueling infrastructure in several ways, including shutting production, refining, and distribution. At a very basic level, refineries heat up crude oil until it vaporizes, then cool it down as liquid fuels. The winter storm impacted these operations in several ways: Freezing cold weather can directly damage equipment involved […]

OPEC+ To Discuss Raising Supply

After shedding $2/bbl on Friday, oil prices are stabilizing. WTI crude remains above the $60/bbl threshold, in line with pre-pandemic pricing. Analysts have whip-sawed from bemoaning the global supply glut to broadcasting under-supplied conditions. Traders continue chattering about the possibility of $100/bbl oil amid a purported commodity supercycle. At the heart of the bullish sentiment […]

Winter Storm Alert – Code Green

After a week of winter storms across the country, temperatures and markets are normalizing in most areas. The frigid temperatures early last week impacted fueling infrastructure and caused massive power outages across Texas. Over the weekend, crews made progress clearing more roads allowing fuel carriers in the region to get caught up on backlogged deliveries. Mansfield is moving […]

Winter Storm Alert – Code Red – February 18, 2021

Gulf Coast and Midwest states continue dealing with the devastating impacts of recent winter weather, with Winter Storm Viola adding ice and snow in the Texas region. That weather pattern is now moving northeast, bringing snowfall into the Ohio Valley region through New England. NOAA estimates that nearly three-quarters of the continental US is covered […]

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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