Oil prices ticked higher this week as US gasoline demand recovered, with the EIA’s Wednesday market report showing demand climbing above 9 million barrels per day. Moreover, the report showed a steep draw from gasoline inventories, though diesel and crude stocks rose during the same period. Overall, oil fundamentals haven’t changed – there’s still a […]
Fuel prices have seesawed this week, falling towards the beginning of the week but recapturing losses later on. This week, many headlines have focused on fears of a recession. With energy prices squeezing budgets – both corporate and private – and interest rates going up, there’s a real concern that the economy could suffer. Recessions […]
Oil markets seem to be meandering lower this morning on little fresh market news. Following historic lows in April, markets seemed to interpret the lack of news as bullish – anything was better than the detrimental events in the rearview mirror. Now that markets have recovered to more “normal” levels, it’s harder to maintain momentum. […]
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 […]
