Mid-Week Review – April 22, 2020

The worst is yet to come for oil prices Dashing hopes for some oil producers who may have thought negative prices were a weird quirk, the June WTI contract fell sharply on Tuesday. During intraday trading June contracts collapsed by more than 45 percent, falling close to $11 per barrel. The selloff demonstrated that the […]

US-Iran Tensions Flare Despite COVID-19

In today’s topsy-turvy world, it’s hard to talk about anything other than COVID-19 news, perhaps with the occasional OPEC call-out. But over the last few weeks, tensions have been flaring in the Middle East, and COVID-19 may be right at the heart of the tension. Before we jump into geopolitics, let’s touch on the latest […]

IMF Forecasts Largest Contraction Since Great Depression

On Tuesday, the IMF reported that global gross domestic product is forecast to shrink 3% this year.  This newest forecast, the first since the coronavirus’ effect began to take center stage, compares to the January forecast of a 3.3% expansion.  This contraction would mark the largest decline since the Great Depression and is far greater […]

Trump Threatens Oil Tariffs

Yesterday, crude followed equities higher to start the day, but then ended lower as did equities on general pessimistic coronavirus sentiment.  Crude is trading higher this morning on the hopes that OPEC+ will come to some supply cut agreement as they meet tomorrow.  Expectations are for the largest supply cut ever agreed to by the […]

Many Suppliers Consider Contributing to Supply Cuts

Yesterday, crude oil began lower but rallied somewhat in the afternoon on news of improved sentiment in broader financial markets after the reported death tolls in some of the virus hotspots in Europe showed signs of easing.  Crude is moving higher in early trading this morning on signs the world’s biggest producers are moving toward […]

FUELSNews Salutes Our Country’s Drivers and Logistics Leaders

In the past, the FUELSNews team has enjoyed publishing April FOOLSNews on April 1. In light of the current situation, this year Mansfield is skipping this light-hearted tradition to prevent the spread of misinformation and unnecessary concern. Instead, we choose to focus on the positive. Mansfield is proud to fuel and support the critical organizations […]

Physical Fuels and Crude Trade Below NYMEX

Physical fuel markets are taking a pummeling. While futures markets have fallen significantly, fuel and crude prices for immediate delivery are trading far lower. For example, while NYMEX gasoline prices are roughly 50 cents per gallon, current Chicago gasoline wholesale prices are trading around 20-30 cents per gallon – a hefty discount to future prices. […]

Refineries Slash Throughput, G20 Commits to Global Stimulus

With America now taking the lead on number of coronavirus cases globally, fuel demand prospects for the coming weeks seems weaker than ever. Amid social distancing efforts, fuel demand is low enough now to evoke a response from refineries. India’s leading refiner has cut throughput by 25%-30%, and East Asian countries are following suit. From […]

Week in Review – March 27, 2020

The crude market was up slightly for the week. The major news moving markets this week started with the Fed announcing plans to buy $250 billion in mortgage backed securities and $375 billion in Treasuries this week. The Fed action was meant to energize the economy but seemed to have the opposite effect on equities. […]

Trader Sentiment Starting to Turn Again

After three consecutive days of gains, crude prices are down in early trading this morning.  Delays in passing a $2 trillion emergency stimulus package to bolster the economy against the standstill caused by the coronavirus have weakened traders’ resolve.  The demand destruction caused by the virus has overshadowed the expectations for emergency stimulus to save […]

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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