On Wednesday, WTI crude closed slightly higher but is trading sideways in early trading this morning. Despite the resoundingly bullish EIA report yesterday, markets failed to rise above $40/bbl. The dollar strengthened for the fifth day in a row as US equities fell and investors fled to cash. Yesterday’s flight to cash was triggered by […]
Tropical Storm Beta has been downgraded to a tropical depression. The storm dropped as much as a foot of rain in some areas and caused flooding in Houston and parts of Louisiana. The remnants of the storm are expected to continue to track along the Texas Gulf Coast through Wednesday and move over Louisiana and Mississippi […]
On Tuesday, WTI crude closed slightly higher as it bounced from Monday’s lows. Rising coronavirus cases in Europe and renewed lockdowns in the UK have raised demand fears once again. Libya returning supply to the market is causing additional worries of adding to the supply glut. Markets are trading up slightly this morning on mixed […]
Oil down after U.S. crude inventories rise against expectations Oil prices fell on Wednesday after an industry group reported a surprise rise in U.S. crude, adding to worries about demand that led to a steep selloff earlier in the week. Click here to read more from CNBC. Oil refiners worldwide struggle with weak demand, inventory […]
Tropical Storm Beta made landfall on Monday night along the middle Texas coast near the Matagorda Peninsula. Beta is moving slowly as it tracks directly along the Texas coastline. The system will bring heavy rain, storm surge, and possible flooding from the northern Texas coast to Louisiana over the next few days. In response to the storm, both […]
Crude followed US equities lower yesterday, dropping more than 4% to close at $39.31. Markets are still fearful that 1 MMbpd of Libyan supply will deepen the oil glut, with a quarter of that coming online by next week. Additionally, Tropical Storm Beta passing over the Gulf Coast with little supply effect removed some bullish […]
Oil prices are sinking once again as Libya increased their oil production. The country is exempted from OPEC+’s supply cuts, meaning the group will need to find other areas to offset rising crude flows. Libya could increase its output by as much as 1 million barrels per day – a huge number when every barrel […]
Hurricane Teddy is currently making its way toward Bermuda. Tropical Depression 22 is developing in the Gulf of Mexico and will likely strengthen as it wanders in the western Gulf through early next week. Mansfield is tracking both disturbances as well as several others in the Atlantic. Mansfield will keep you informed of further developments as […]
Oil is trading sideways this morning after gaining nearly 10% over the course of the week. Although OPEC’s focus on increasing deal compliance gave markets a boost over the past two days, Libya’s increased production is giving the market pause. Libya’s oil field has been a source of volatility for years. Militant forces led by […]
Blink and you might have missed the faltering oil market from past weeks. WTI crude broke below $40/bbl on September 4, and by the middle of this week had already gained a position above that threshold. The week started with bearish news including the UAE uncharacteristically pumping above their OPEC quota. In addition, Libya announced […]
