Vaccine Optimism Trumps Bearish Inventory News

On Tuesday, WTI crude closed sharply higher following US equities. The Dow Jones Industrial Average closed above 30,000 for the first time in history and crude followed to levels not seen since March. The major drivers lifting markets are news of multiple highly effective coronavirus vaccines and the beginning of the official transition of power […]

Mid-Week Review – November 25, 2020

Why The Vaccine Oil Rally Won’t Last Oil is on the rise after a third company developing a vaccine for Covid-19 announced positive efficacy results this week. They may well continue to rise for a while, but it would pay to be careful with betting on an endless rally. Click here to read more from […]

Yemeni Houthi Rebels Attack Saudi Oil Facility

Crude closed higher yesterday on the latest news of another effective vaccine. Crude is continuing its gains this morning as Middle East conflict rears its head in the form of a missile attack on Saudi Aramco facilities in the Saudi port city of Jeddah. Yemen’s Houthi rebels fired a Quds-2 cruise missile at a Saudi […]

Week in Review – November 20, 2020

WTI crude finished the week higher, starting up on Monday with news of another effective vaccine lifting the market throughout the week. This new vaccine by Moderna reported 95% efficacy rates and a more manageable storage temperature. An inventory build in crude mid-week put downward pressure on the market but could not overcome OPEC optimism […]

Vaccine Rally Levels Off as Infections Rise

WTI crude closed slightly higher yesterday on the hopes of OPEC+ balancing the market and the continuation of the rally from coronavirus vaccine news. This morning, however, the market is feeling downward pressure from mounting coronavirus infections and deaths and rumors of the UAE considering leaving OPEC. The US has surpassed a grim milestone of […]

Mid-Week Review – November 18, 2020

Oil bidding war underway among Asian refiners Physical cargoes of crude oil from Russia, the U.S. and the Middle East were getting snapped up at higher prices as buyers across Asia entered a bidding war to secure supplies. Chinese demand also grew after private refiners received crude-import quotas that were 20% larger than last year’s […]

Saudi Arabia Calls on OPEC+ to be Flexible

On Tuesday, WTI crude closed slightly higher even in the face of bearish inventory news. The API reported a larger-than-expected build in crude stocks but traders seemed to pin hopes on OPEC+ supply cuts and even rosier vaccine news. Pfizer announced yesterday that their vaccine was even more effective in late stage trials than originally […]

Market Waiting on Clues from OPEC+

Crude closed up sharply yesterday on news of a second coronavirus vaccine with 95% efficacy. The vaccine, made by Moderna, is also more stable and can be stored at regular freezer temperatures unlike Pfizer’s vaccine which requires special low temperature storage.  The market is giving back some of those gains this morning ahead of news […]

Week in Review – November 13, 2020

WTI crude finished the week higher on news of an effective coronavirus vaccine from Pfizer.  In late trials, the vaccine is 90% effective at stopping the transmission of the coronavirus. Traders read the news as a return to normalcy and a sign of future increased demand for fuel. Although the future is hopeful, near-term health […]

IEA Downgrades Demand Forecast

WTI crude experienced three straight days of gains this week after news of a vaccine from Pfizer with over 90% effectiveness came to light. The vaccine news built hope for traders in a possible return to normalcy and a world without lockdowns and travel restriction.  Traders connected the dots between vaccine success and rising future […]

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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