Oil Hits 8-Month High after US Kills Iranian General

Yesterday, we said that 2020 will have a hard time living up to the geopolitical drama of last year. We may have spoken too soon. Oil prices are soaring higher this morning following a US military strike on Iranian General Qasem Soleimani in Iraq last night. Crude oil prices are up by more than $2/bbl […]

Markets Unchanged on Little News

Crude is down in early trading this morning.  Crude is currently trading at $58.89, a loss of 13 cents. Fuel prices are relatively flat but mixed.  Diesel is trading at $1.9468, a fractional gain.  Gasoline is trading at $1.6505, a fractional loss. Yesterday, crude traded both sides of unchanged as markets wait for the looming […]

Largest Price Spike in Crude History, US “Locked and Loaded”

Oil prices rose by the largest amount in history this weekend after a shocking attack on Saudi Arabian oil production. Across the board, the energy complex is trading significantly higher amid the shocking outage. WTI crude oil is trading at $60.56 after gaining $5.71 (+10.4%) in the wake of the attack. Brent WTI crude, after […]

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 […]

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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