Week in Review – September 18, 2020

Blink and you might have missed the faltering oil market from past weeks. WTI crude broke below $40/bbl on September 4, and by the middle of this week had already gained a position above that threshold. The week started with bearish news including the UAE uncharacteristically pumping above their OPEC quota. In addition, Libya announced […]

Crews Returning to Oil Platforms in the Gulf

On Wednesday, WTI crude closed $1.88 (4.9%) higher.  Supporting prices was EIA inventory news of a surprise draw. Also lifting prices was Hurricane Sally’s effects on production. Crude is giving back some of those gains in early trading this morning. Crude producers are preparing to send crews back to oil platforms in the Gulf as […]

OPEC to Meet to Discuss Future Cuts and Compliance

On Tuesday, WTI crude closed higher even after the IEA warned about the pace of economic recovery from the pandemic and downgraded demand forecasts from the IEA and OPEC. A considerable surprise crude draw and the closure of production due to Hurricane Sally are lifting markets this morning. Crude is continuing its gains in early […]

Mid-Week Review – September 16, 2020

Oil climbs with economic data warding off gloomy demand signals Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in New York state expanded in September at the second-fastest pace since 2018. Click here to read more from Bloomberg. Oil jumps […]

Market Weighs Storm Effects Versus Downgraded Forecasts

Markets are trading higher this morning with prices supported by concerns over Hurricane Sally hitting the Gulf Coast and an increase in August demand reported out of China.  China’s oil demand increased 9.9% in August.  Year-over-year demand in China increased 3.29% to 12.54 MMbpd. Hurricane Sally is currently a strong category 1 hurricane with sustained […]

Week in Review – September 11, 2020

WTI crude finished down for the week.  The week started with a precipitous drop on news from Saudi Arabia of a cut in price on August Arab Light crude, which traders took as a sign of lowered demand coming out of Asia and especially China. Crude followed the choppy ride of US equities this week […]

EIA Lowers Growth Forecast for 2021

On Wednesday, WTI crude followed US equities to close higher. Bearish inventory news coming from the API pared gains. A surprise build in crude and diesel reported by the API is pushing prices lower in early trading this morning. According to the EIA Short-Term Energy Outlook: “despite expected inventory draws in the coming months, EIA […]

Trump Directs EPA to Deny Biofuel Waivers

On Tuesday, WTI crude followed US equities lower, closing 7.6% down for the day.  The market was inundated with bearish news, including slowing crude demand coming from China and rising coronavirus cases around the world. The market is recouping some of yesterday’s losses in early trading this morning. President Trump gave direction to the Environmental […]

Mid-Week Review – September 9, 2020

Oil prices are collapsing after Saudi Arabia sends ominous signal The fierce selling in the energy market is being driven largely by rising concern about how much crude the fragile world economy needs. With Labor Day in the rearview mirror, summer driving season in the United States is over. Jet fuel demand remains extremely weak […]

Oil Hits Multi-Month Lows as Saudis Cut Prices

Markets are trading steepily lower this morning following a slew of bearish reports over the long weekend, sending crude oil to its lowest point since June. On Monday, Saudi Arabia lowered  its official selling price for October Arab Light crude, a product that sets the tone for Middle Eastern producers and signals weak demand in […]

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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