Oil prices are swelling higher this morning on renewed optimism of a quick return to normalcy. OPEC+ supply cuts are helping to reboot oil prices, with the IEA forecasting May supply to fall by a historic 12 million barrels per day relative to April. The key question to evaluate now is when supply and demand […]
Yesterday, crude prices fell from a DOE-induced rally to end the day in the red. After the DOE released its weekly stats, the market rallied on positive crude inventory trends, only to give back those gains in afternoon trading. Markets are higher this morning on news that the IEA lowered its forecast for global crude […]
Yesterday, WTI crude started the morning with a rally on news of additional cuts from Saudi Arabia. As the day progressed a choppy sell-off ensued as fears of a second wave of coronavirus infections began to circulate among traders. Crude markets are up in early trading this morning as signs of a recovery in demand […]
Oil prices are moving quietly higher after posting the second consecutive weekly gain on Friday. This morning, Saudi Arabia announced plans to unilaterally cut production by an additional 1 MMbpd beyond their committed cuts, which is giving markets some strength. The additional cuts will bring Saudi Arabia’s output to just 7.5 MMbpd, a huge cut […]
Yesterday, crude prices were down on the close to halt a five-day rally in the markets. The EIA reported a smaller-than-expected build in crude stocks, which seemed to be outweighed by the much larger-than-expected increase in diesel inventories. The overall build in crude and products together with tight storage capacity at Cushing and around the […]
On Tuesday, WTI Crude finished higher to close with five straight days of gains and nearly doubling in price to close at $24.56. The market is giving back some of those gains in early trading this morning as traders teeter between optimism and pessimism based upon bearish API inventory news. Prices have been responding to […]
Oil markets are on track to set a multi-month record with a 5-day up streak if current trends hold. With the OPEC+ price war in the rearview mirror, markets are more comfortable bidding up prices despite weak demand. Inventory builds this week are expected to be smaller than recent builds, and demand seems to be […]
After the first weekly gains in a month, oil markets are still rising despite the latest news on COVID-19. This week, that news is less about health than about politics. Last week, President Trump threatened to impose tariffs on China as punishment for allegedly hiding early information on the COVID-19 threat. This week, the aggressive […]
As April came to a close, fuel prices reversed their position. Since last Friday, gasoline prices have been trading at a premium to diesel fuel, but yesterday traders decided that gasoline may not be all it’s cracked up to be. As the May 2020 contract expired, diesel picked up 4 cents, while gasoline posted 3 […]
The crude market was up for the week, marking one of the first weekly gains in quite some time. This week began with news of crude storage capacity tightening around the world. Reportedly, global crude storage stood at 85% of total capacity to begin the week, and South Korea had used up all its available […]
