Financial Market Downturn Spreads to Oil

Markets took a nosedive yesterday in conjunction with other financial markets, crashing to a closing price just above $73, and the losses continued overnight. Crude oil is currently trading at $71.34, a loss of $1.83 since yesterday’s close. Fuel prices are also heading far lower as well, as financial markets turn down. Diesel prices are […]

Florida Panhandle Moved to Code Red

After some early morning losses, oil prices reversed yesterday to trade nearly flat to Friday’s close. This morning, prices are generally making their way towards higher ground, supported by crude production outages in the Gulf Coast due to Hurricane Matthew. Crude prices this morning are trading at $74.09, a gain of 34 cents since yesterday’s […]

Hurricane Michael Brings Florida to Code Orange

Markets are continuing to trade lower this morning, though still not quite below last Monday’s opening price. A series of large gains early last week are offsetting end-of-week losses. It’s still unusual to call $73/bbl WTI crude a “low” price, but that shows how quickly oil markets can move. WTI crude is currently trading at […]

Refinery Maintenance Season Underway

After mild losses yesterday, oil prices are heading higher this morning as markets continue worrying about Iran sanctions. Crude is currently trading at $72.04, up 47 cents. Fuel prices are also heading higher this morning. Diesel prices are trading near multi-year highs at $2.3086 after picking up 0.9 cents. Gasoline prices are $2.0632, up 0.5 […]

Brent Hits 4-Yr High, Forecasters Eye $100/BBL

Oil prices set some multi-year highs yesterday afternoon, with Brent closing at $81.20, the first close above $80/bbl since November 2014. Oil markets are feeling the pressure of Iran sanctions, particularly in areas reliant on Middle Eastern oil. While not quite at record highs, WTI did manage to close above $72/bbl for the first time […]

EIA Data Shows Florence’s Effect on Fuel Fundamentals

After making some big gains yesterday, oil prices are trading mixed. Brent-WTI spreads are shrinking as a fairly large Cushing crude inventory draw is pushing up WTI prices. Currently, crude prices are trading higher thanks to a bullish EIA report, with prices up 84 cents to trade at $70.69. After trading lower early this morning, […]

Tariffs Imposed and Prices are…Up

Oil markets are rising in spite of tariffs imposed on China by President Trump last night – a move widely expected by the market. As oil prices rise, it appears international crude (represented by Brent blend crude) is gaining a further advantage, with the Brent-WTI spread rising to $9.17. That spread will continue promoting exports […]

Storm Update – NC, SC, VA Still Code Red

Oil prices are trending higher this morning as recovery work begins for Hurricane Florence. WTI crude is trailing far behind Brent crude – to the tune of roughly $9 – as Iran sanctions tighten international supplies more than domestic US supplies. WTI crude is currently trading at $68.97, hardly changed since Friday’s close. Unlike crude, […]

Despite Bullish Reports, Markets Fall Ahead of Florence

Markets are giving up some of their recent gains this morning as Hurricane Florence weakens to a Category 2 storm on its approach. The storm is expected to do severe damage along the coast as it pauses and crawls south, but impacts on major fueling pipelines should be limited. Eastern Carolina is already starting to […]

Buy on Approach, Sell on Landfall

Like we saw just a week ago with Hurricane Gordon, prices are rising in the lead up to Hurricane Florence’s landfall. Traders often buy up fuel contracts leading up to an event amid pre-crisis demand spikes and uncertainty on national fueling impacts. The Carolinas have no major refineries or production areas, so it appears traders […]

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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