US Shoots Iranian Drone, Saudi Shows Budget Deficit from Lower Prices

Oil continued sliding yesterday after trading briefly higher in the morning. The decline is partially a response to Tropical Storm Barry’s non-event for petroleum infrastructure, and despite on-going escalation in Iran, markets are still creeping down. Crude oil is currently trading at $55.29, down a penny. Fuel prices are up or flat with diesel trading […]

…Or Don’t Kiss and Make Up – Iran Escalates Again

Oil prices fell once again yesterday after starting the day higher, bringing this week’s total losses to upwards of $3/bbl. Added Iran pressures are causing some tailwinds for markets, but overcoming the bearish EIA report will be a challenge. Crude oil is trading at $55.49. Fuel is following crude lower.  Diesel is trading at $1.8704, […]

Kiss and Make Up – Iran Tensions Cool

Oil saw steep losses to close the day on Tuesday, though the API’s report late yesterday helped give markets a lift. This morning crude oil is trading at $58.33, up 71 cents after shedding almost $2/bbl yesterday. Fuel prices also saw hefty losses yesterday, with both products off by around 4 cents. This morning diesel […]

Tropical Storm Barry Passes, Market Shifts to China Focus

The petroleum complex is seeing mixed results following Berry’s landfall, with crude trading slightly higher while fuel prices drop. Crude oil is trading flat at $60.24, hardly moved from Friday’s close. Fuel prices are generally lower this morning, though with uneven downside results. Diesel is currently trading at $1.9678, a loss of 1.2 cents since […]

Markets Await TS Berry’s Weekend Landfall

Oil remains steady as we head into the weekend, with markets still resting after Wednesday’s huge gains. Crude oil is trading just slightly higher, at $60.42 after 22 cent gains. Fuel prices are mixed, with diesel tracking crude while gasoline falls. Diesel is trading at $1.9799, flat with yesterday’s close. Gasoline is trading 1.1 cents […]

Week in Review

This week the big 3 monthly oil reports were released, though their impact on the market was moderate at best. The EIA’s Short-Term Energy Outlook upped US production targets to 12.4 MMbpd this year and maintained next year’s 13.3 MMbpd forecast; however, the agency reduced 2019 global oil demand averages by 200 kbpd. Demand reductions […]

Large Crude Draw Spurs +4% Price Move

Crude closed yesterday with hefty gains of $2.60/bbl thanks to a strongly bullish EIA and, to a lesser extent, production shutdowns along the Gulf Coast in anticipation of Tropical Storm (or potentially Hurricane) Berry. Crude oil this morning is trading steady at $60.51. Fuel prices are moving lower as refiners increase their output and alleviate […]

Oil Breaks Higher on Crude Draw

Prices are trading strongly higher this morning following supportive data from the API. Markets have been relatively flat all week, so today’s breakout higher is the first sign of clear market direction. Crude oil is currently trading at $59.37, up $1.54 (2.7%). Fuel prices are also strongly in the black. Diesel is trading at $1.9643, […]

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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