With Demand Rising, OPEC+ Considers Easing Cuts

On Tuesday, WTI Crude started the morning strongly but dipped in the afternoon session to close the day 1.5% lower. Crude prices are up in early trading this morning on bullish inventory news from the API of a much larger-than-expected draw in crude stocks. Traders are taking the report as a signal of rising demand. […]

Mid-Week Review – July 1, 2020

Oil slips slightly on rising coronavirus cases, returning Libyan supplies Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. Click here to read more from […]

Oil Falls as Coronavirus Cases Surpass 10 MN

Yesterday, WTI crude finished higher, buoyed by some recovery in energy demand. The market saw positive economic news coming out of China over the weekend, with industrial profits in May up 6% from a year earlier, representing the first increase in 2020. In the US, better than expected housing data helped to lift markets on […]

Week in Review – June 26, 2020

WTI Crude finished the week lower after a choppy ride throughout the week. The week started off higher as Trump clarified that the US-China trade deal is “fully intact,” after earlier negative statements by White House trade advisor Navarro. EIA inventory news mid-week put downward pressure on markets as crude inventories rose. Also mid-week, IMF […]

IMF Cuts Global and US Forecasts

On Wednesday, WTI Crude fell more than $2 as it followed US equities lower on fears of a resurgence of coronavirus cases.  Swelling crude inventories reported by the EIA and a surge of new COVID-19 cases around the nation have raised concerns about crude demand in the US and abroad, dragging prices lower. The IMF […]

Mixed Inventory News Puts Downward Pressure on Markets

On Tuesday, WTI crude gave back most of Monday’s gains on little headline news and fears of an uptick in coronavirus cases globally. The market is down in early trading this morning on mixed inventory news. The API signaled another build in crude inventories yesterday.  The larger-than-expected rise in oil stocks put downward pressure on […]

Mid-Week Review – June 24, 2020

With contracts canceled and debts mounting, offshore oil drillers face another shakeout The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. Click here to […]

Trump States US-China Trade Deal “Fully Intact”

Yesterday, WTI crude was up 2% on tighter crude supplies from major producers. In addition, coronavirus lockdowns kept easing despite a record rise in cases globally. WTI settled at $40.73/bbl, rising 90 cents (2.2%). Crude prices are up in early trading this morning as White House officials clarified a previously confusing statement saying that the […]

Week in Review – June 19, 2020

WTI Crude finished the week strongly and is sharply rising in early trading this morning.  Positive macroeconomic support earlier in the week from the White House and the Fed is being weighed against fears of a second wave of COVID-19. Fuel markets received support mid-week from the EIA’s inventory report, which included the first diesel […]

OPEC Report Shows 87% Compliance with Cuts in May

On Wednesday, WTI Crude rose sharply from lows after the bullish EIA report came out late morning.  However, prices finished the day relatively unchanged yesterday, tempered by the fear of a second wave of coronavirus affecting oil demand and economies around the world.  The market continues to move sideways in early trading this morning. Yesterday, […]

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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