Across the board, financial markets are responding favorably to the FDA approval of Pfizer’s COVID vaccine. Health experts believe the decision will instill confidence for those hesitant about getting the jab, increasing vaccination rates in the US and abroad. Moreover, China reported no new COVID cases yesterday for the first time in a month, another […]
Prices continue to fall this morning after refining activity in China over the weekend fell to its lowest output in 14 months, accompanied by an influx of new COVID-19 cases. Reports showed that output numbers in July 2021 have been lower than July 2020 for China. Today crude oil opened at $67.71, diesel opened at […]
Oil climbed once again to a new high yesterday, settling over $53.50/bbl as the market rally continues. This morning, prices are tumbling lower as traders take in their profits and lockdowns continue to be implemented. Fuel buyers are also beginning to feel some of the pre-COVID price pain, with both diesel and gasoline setting their […]
On Tuesday, WTI crude closed higher as the vaccine rollout continues and hopes for another round of economic stimulus in the US grows. The market is giving back some of those gain this morning even in the face of favorable inventory news from the API. The rally that the market has been on began in […]
Oil markets seem to be meandering lower this morning on little fresh market news. Following historic lows in April, markets seemed to interpret the lack of news as bullish – anything was better than the detrimental events in the rearview mirror. Now that markets have recovered to more “normal” levels, it’s harder to maintain momentum. […]
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 […]
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 […]
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 […]
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 […]
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 […]
