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 […]

$2 Trillion Stimulus Package to Jolt Economy

Yesterday, crude prices were up.  They were supported by actions taken by the US Federal Reserve to bolster the economy and the hopes for a coronavirus aid package from congress. In the early hours of Wednesday morning the White House and Senate reached a historic $2 trillion stimulus deal amid growing coronavirus fears.  The over […]

Mid-Week Review – March 25, 2020

Prepare for the Next Wave of Oil Bankruptcies Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. According to Energy and Restructuring law firm Hayes and Boone’s, a grand total of 50 energy companies filed for bankruptcy last year, including 33 oil and gas […]

Fed Enacts Measures to Bolster Economy

Yesterday, crude prices closed up slightly on hopes that the US will soon reach a deal on a $2 trillion coronavirus aid package.  Crude prices are up this morning supported by steps by the US Federal Reserve to bolster the economy. The Federal Reserve is doing everything in its power to limit the slide in […]

Texas and OPEC – No Agreement

Crude prices remain close to their lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade.  Prospects of a rare détente between OPEC and the biggest US oil state faded as quickly as they rose as Texas regulators and explorers clashed over a proposal to cap […]

Week in Review – March 20, 2020

The crude market was down substantially (-26.7%) for the week.  The major news moving markets this week started over the weekend when the Fed made an emergency cut to interest rates bringing them to nearly zero.   While this was meant to energize the markets, it had the opposite effect.  Equities and crude both moved lower […]

Crude Rises 25% as US Considers Oil Support

Crude oil prices closed with 25% gains yesterday – which under normal circumstances would have caused mixed jubilance and panic for traders and unequivocal terror for fuel buyers. But the $5 pick-up from Wednesday’s $20 close hardly seems a cause of concern.  Oil prices remain at incredibly low levels. US policymakers are reportedly making plans […]

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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