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 […]

Week In Review – May 28, 2021

Throughout the week, oil prices remained mostly flat, with a few jumps throughout the week. Crude jumped from $63.87 to $66.02 on Monday, and diesel also saw gains that day. Gasoline, however, remained consistently flat throughout the week with minor fluctuations. Monday’s rise in fuel prices were ignited by the constant threats to the US-Iran […]

Will Summer Driving Season Cause Gasoline Shortages?

Oil prices are back to the top of their recent range, with WTI crude pushing higher into the $66/bbl range. Fuel prices are also elevated: diesel has traded above $2/gal for the past week, and gasoline has cost more than $2/gal for a full month. With Memorial Day weekend – the kickoff for summer driving […]

Oil Near One-Week High – US Drillers Add Oil & Gas Rigs

Today oil prices fell from the one-week highs set yesterday. Oil rose more than 3% above last week due to faltering US-Iran negotiations. Crude futures were down 20 cents, and US West Texas Intermediate futures were off 29 cents after attaining near 4% gains on Monday. This week in Vienna, the United States and Iran […]

Week In Review – May 21, 2021

Oil prices were highly volatile throughout the week as the Colonial Pipeline (CPL) slowly returned to normal operations. Gas stations across much of the Southeast are now slowly starting to see a return to normal fuel deliveries. Given that the supply chain needs time to catch consumers’ demand, prices shifted as predicted throughout the week. […]

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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