Week in Review – February 7, 2020

The crude market was up and down for the week but ended relatively unchanged.  The week started lower on the news from anonymous Chinese officials stating that oil demand was down 3 MMbpd.  However, news of possible treatments for the coronavirus helped to buoy crude markets to close the week at the same level where […]

Critical Breakthroughs in Coronavirus Treatment

Yesterday crude and products rallied sharply higher following reports of critical breakthroughs in developing treatments for the deadly coronavirus.  Reports indicate that a team at a Chinese university have found an effective drug to treat people with the coronavirus.  Wire services also reported that a team in the United Kingdom has developed an alternative vaccine, […]

Russian President and Saudi King to Continue Cooperation

Working to lift markets this morning is the talk of supply cuts coming from OPEC+.  Signs point to OPEC+ being willing to deepen cuts amidst the decreased demand caused by the coronavirus.  OPEC+ is gathering for an urgent assessment of how Asia’s coronavirus may hurt oil demand; technical experts from the OPEC+ coalition will meet […]

Week in Review – January 31, 2020

The crude market was down for the week.  The major news driving markets this week continues to be the Coronavirus coming from China.  The World Health Organization has declared a global emergency but has reassured the world that it is confident that China can contain the virus.  The sickness has stoked the fear that people […]

OPEC+ May Move March Meeting to February

According to Algeria’s energy minister, Mohamed Arkab, OPEC is considering pushing forward a meeting initially scheduled for March after oil prices dropped on concern that the spread of coronavirus would hurt oil demand.  The March meeting is likely to be moved to February.  OPEC will consider continuation of current cuts and possibly even deeper cuts […]

OPEC+ Considers Further Cuts

Yesterday, crude prices closed higher after the World Health Organization reassured markets that China would contain the coronavirus.  The World Health Organization stopped short of calling the virus an international emergency on Tuesday, while expressing confidence that China’s leadership would contain the virus in the coming weeks. Crude prices are up in early trading this […]

Mid-Week Review – January 29, 2020

Saudi Arabia, UAE Caution Oil Market Against Gloom Over China Virus Saudi Energy Minister Prince Abdulaziz bin Salman said the impact being seen on oil and other markets was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.  “Such extreme pessimism […]

OPEC Downplays Impacts of Coronavirus to Oil Demand

Yesterday, crude closed at the lowest level since mid-October, with the coronavirus threatening global energy demand. Alarm over the potential for China’s coronavirus to limit travel and economic activity has already pushed oil prices down by approximately 10% since early last week. The death toll from the coronavirus rose to 81 and the Chinese government […]

Week in Review – January 24, 2020

The crude market was down for the week.  The major news driving markets this week is the Coronavirus coming from China.  The sickness has stoked the fear that people will travel less or stop travelling all together.  According to Goldman Sachs, oil markets are likely to take a hit from China’s deadly coronavirus, with aviation […]

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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