A late-breaking price rally on Friday brought crude oil prices back above the $40/bbl threshold, where they remain this morning despite a downward turn. Rising optimism across all financial markets helped deliver a strong close in equities and commodities last week. In addition, NY fuel prices (the trading point for NYMEX diesel and RBOB futures) […]
Yesterday brought a sharp break from the oil market’s earlier stability. Crude prices shed over $1/bbl as several companies, including Wells Fargo and United Airlines, announced employee layoffs following a dismal jobs report. Unemployment claims have fallen precipitously from their March peak but remain double the highs of the 2008-09 recession. Rising coronavirus cases in […]
WTI Crude finished the week lower after cruising to mid-week relatively flat. Demand concerns early in the week were offset by the EIA increasing the 2021 crude demand forecast by 10% which helped lift markets on Wednesday. While some headlines pointed toward rising prices, the market fell to close the week on mixed inventory news, […]
Wednesday’s EIA report helped break the market outside of its 5-cent range within which it has closed this week, but only just barely. Despite a headline build in crude inventories, the market ended the day roughly 30 cents higher – not even 1% up. After months of 5-10% daily swings, it’s remarkable how calm markets […]
The EIA published its monthly Short-Term Energy Outlook yesterday, and the news is helping to keep prices from sliding amid higher COVID-19 cases. The US yesterday posted another record-breaking day for infections, reporting roughly 60,000 new cases throughout the country. With some states reversing reopening, many fear a return to low regional demand in some […]
April Shows Record Crude Inventory Increase No surprise, April was a pretty rough month for the petroleum industry. Demand plummeted, prices turned negative, and inventories swelled. As it turns out, inventories actually rose faster than they ever have, adding 47 million barrels (+10%) in April. Click here to read more from the EIA. Russian […]
Oil markets are rising gently this morning after yesterday brought no change in price direction. This week the market will be sharply focused on July 4 demand data. Each year, millions of consumers hit the roads to see family and friends and gather for fireworks; this year, many of those plans were cancelled. The EIA’s […]
For a thorough overview of both market and procurement trends in fuel markets, tune into Mansfield’s webinar tomorrow: The New Normal of Fuel. We’ll have a live Q&A, and you can send questions to info@mansfieldoil.com ahead of time to hear them answered during the webinar. The webinar will cover two key topics: What is happening […]
Oil is trading sideways this morning following a long Independence Day holiday weekend for US traders. Declining oil production is counteracting the rising COVID-19 cases, keeping markets in limbo. US active oil rig counts continued their decline, falling to just 185 rigs according to Baker Hughes data released on Friday. Including natural gas rigs, total […]
FUELSNews will resume normal publications on July 6. Happy Independence Day! Oil prices are back above $40/bbl following a bullish EIA report yesterday and positive trends around the country. Despite some brimming rumors of a renewed Saudi price war due to non-compliance of a few smaller OPEC countries, the group posted its lowest month […]
