Iran Election – A Nuclear Deal Setback?

This morning crude opened up $71.51 while reaching an early morning high of $72.41. Prices this morning remained mostly flat as summer driving demand continues to pick up. Iran, which last week held its presidential election, is also at the top of traders’ minds; the country elected conservative candidate Ebrahim Raisi on Friday. Over the […]

Supply Crunch Weighs on Oil as Storm Moves toward Gulf Coast

Yesterday, oil prices hit a new multi-year high with crude reaching $72.29, while fuel prices sustained high levels. These price increases come amid rising concerns that oil could break the $100 threshold by the end of the 2021 calendar year. With rising demand and concerns surrounding the idea of inflation, prices are sure to be […]

Mid-Week Review – June 16, 2021

Oil Prices Climb On Huge Inventory Draw The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of 3.290 million barrels for the week. In the previous week, the API reported a draw in oil […]

Oil Prices Reach New High – Hurricane Season Heats Up

On Friday, a storm brewing in the Gulf of Mexico began making headlines, as it would be the first storm of the new hurricane season to impact the mainland US. Forecasters are reporting that the storm system could strengthen to a tropical storm briefly before making landfall as early as the end of this week, […]

Refinery Utilization Clears 90% Threshold – Keystone XL Project Discontinued

Inventory data published by the EIA yesterday aligned with the market’s expectation on direction but differed widely on size. Markets expected crude inventories to fall while product inventories rose, which was the case. However, the crude draw was nearly double the projected amount, and both diesel and gasoline inventories rose far more than expected. Although […]

Crude Nears $70/bbl – US-Iran Talks Continue

This morning crude opened at $69.52, the highest in a multi-year period. While crude is floating around $70, it may be a while before it breaches that threshold. With the economy trying to find a strong balance between the rising demand with summer travel picking up, along with higher output from Iran, there are differing […]

Crude and Diesel Reach 3-Yr High – Summer Demand Picking Up

This morning, crude and diesel both opened with 3-year highs at $68.76 and $2.1061, respectively. As the demand for travel starts to slowly make its way back into the daily lives of consumers, oil prices are expected to climb to as high as $80 this summer. After the economy reopened following COVID-19, prices rose as […]

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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