Oil is heading lower today amid profit taking as traders cash in on recent highs in the market. Crude oil is trading at $58.70, down $1.28. Fuel prices are also taking a turn lower, with diesel reacting strongly to negative economic news while gasoline remains relatively stronger. Diesel prices are currently $1.9505, down 3.7 cents […]
Yesterday’s headline crude draw sent crude oil prices rocketing above $60/bbl for the first time since November 2018, while simultaneously carrying fuel prices higher. Today crude oil prices are turning lower, trading at $59.87, down 36 cents compared to Wednesday’s close. Fuel is trading mixed heading into afternoon trading. Diesel prices are leading the losses […]
Oil is trading mostly flat this morning after trading higher overnight. The market is looking forward to the Fed’s monetary policy statement, which will be released later today. Few market participants expect a rate hike this go-round after recent calls for patience, but if a hike does occur it would send oil prices (and equity […]
Oil prices continue rising this morning, within striking distance of $60/bbl for WTI crude. If prices can surpass this level, it would be the highest oil price since early November 2018. Crude oil is currently trading at $59.18, up 9 cents from yesterday’s close. Diesel prices are getting a strong lift this morning after recent […]
Markets are turning even higher today after setting some 2019 highs last week. OPEC’s supply cuts are continuing to create headwinds for markets, especially as we move towards the spring/summer demand season. Crude oil is currently trading at $59.04 this afternoon, up 52 cents. Fuel prices are also trading higher this afternoon, though diesel is […]
Crude oil saw a decisive break above its recent trading range of $55-$57, closing well over $58/bbl yesterday on strong EIA data. Today crude is up a penny trading at $58.27. Fuel is following crude and is trending upward this morning. While diesel is up fractionally, gasoline is up 1.3 cents. The EIA’s data not […]
Crude close the day Tuesday with some very modest gains on the crude oil side, while fuel prices declined. This morning, oil is getting yet another boost above $57/bbl, but recent history has shown this to be treacherous territory. The API’s report of a surprise crude build may contribute to a more bullish leaning this […]
Markets once again peaked near multi-year highs this morning before retreating a bit. Prices have been trapped in a holding pattern between $55-$57 for the past few weeks, with neither the bulls nor the bears able to break through decisively. This afternoon, crude oil is trading at $56.92, gaining 13 cents after yesterday’s 70 cent […]
After a brief dip that saw prices fall nearly $2/bbl on Friday, oil climbed in the late afternoon to close with just small losses. This morning, prices are on the up mend as Saudi Arabia suggests OPEC will not consider changing output quotas at its April meeting. Crude oil is currently trading at $56.50, up […]
Oil prices are taking a heavy hit this morning, breaking below the $55/bbl threshold on news that the European Central Bank is keeping interest rates unchanged – a move which strengthens the dollar and signals a weak economic outlook. Crude oil is currently trading at $54.97, down $1.69 (-3.0%) since yesterday. Fuel prices are experiencing […]
