Yesterday brought moderate gains for oil prices thanks to a relatively bullish EIA inventory report. Crude inventories showed a 0.4-million barrel build, well below market expectations and API forecasts. Both diesel and gasoline stocks fell on the week, providing some support for prices. Today, oil prices are plummeting following comments from Russia’s Energy Minister Novak […]
The crude market was up for the week but is down in early trading this morning. The major news moving markets this week were the news of sanctions from the US on a subsidiary of the Russian oil company, Rosneft. Also in the news, continued deterioration of the situation in Libya and lower oil output […]
Yesterday, oil prices reached their highest level this month as US sanctions on Russian oil company, Rosneft, and unrest in Libya added more uncertainty and concerns for the global crude supply. Crude prices are up this morning on optimism that China will enact economic stimulus to soften the demand destruction caused by the coronavirus. Chinese […]
Yesterday, oil started the session over2% lower after OPEC officials scrapped plans for an emergency meeting in February. OPEC+ plans to keep to its scheduled meeting coming up in March. Russia is still considering the further cuts of 600 kbpd suggested by Saudi Arabia. Russia’s Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince […]
Waiting on an IMO Diesel Spike One of the widely-held expectations concerning the International Maritime Organization’s (IMO) 2020 sulfur cap on marine fuels was that the price of gasoil/diesel would spike in the opening months of 2020, as demand for gasoil in the bunker market would strain existing supplies and push prices higher. Six weeks […]
Last week crude closed the week higher on the potential for deeper OPEC+ cuts and Chinese economic stimulus due to the coronavirus. In early trading this morning the market is giving back some of last week’s gains as markets asses the crude demand decline from the coronavirus versus the stimulus measures being rolled out to […]
Markets are continuing their slow recovery, with markets hopeful that economic stimulus in China. The large reported uptick in coronavirus infections is now understood to have come from a change in how Chinese infection data was reported, rather than from an actual increase in cases. The US and China are today rolling back some tariffs […]
The crude market was up for the week. The week started on the news that the coronavirus casualties exceeded that of SARS in 2002-2003. A steady stream of bearish news throughout the week was not enough to tamp down the enthusiasm of the market as crude steadily rose to close the week higher. Rumors of […]
The markets are mulling supply cut rumors from OPEC+ this morning along with news of a spike in coronavirus cases reported by the Hubei province in China. The Hubei province is the epicenter of the outbreak. The number of new confirmed cases there jumped by 14,840 to 48,206 on February 12 and deaths climbed by […]
In a continuation of yesterday’s gains, crude prices are higher this morning. Markets continue to consider possible further cuts by OPEC+ as OPEC’s Monthly Oil Market Report is released this morning. OPEC’s estimate of 2020 demand growth has now been revised down by 0.23 mmbpd to +0.99 mmbpd versus the EIA also revising demand growth […]
