The oil complex ended on an upswing yesterday, with crude closing just shy of $55/bbl while fuel prices closed that their highest level since before Thanksgiving. Crude oil is currently trading at $55.34, a gain of 93 points from yesterday’s close. Fuel prices are also trading higher this morning. Diesel prices are currently trading at […]
As the week comes to a close, oil prices are quickly rising towards the upper end of the $53-$55/bbl range in which WTI crude has been bound for the last few weeks. Whether or not this will be the market’s opportunity to break from this range is yet to be seen. Recent economic data, including […]
Although the EIA’s weekly oil report appears bearish on first glance, markets moved higher regardless. Crude oil rallied on a significant Cushing crude draw. After rising 80 cents yesterday, crude oil is trading at $53.55 this morning, down 35 cents. In contrast, fuel prices are trading in the black this morning thanks to high refinery […]
By Dan Luther While every PADD saw declining refinery utilization rates last week, the strong majority of the decline came from PADD 1 and 2 – a result of the Polar Vortex. Cold weather causes significant operational issues for refineries, which in turn affects fuel supplies regionally. Several refineries in the Midwest and Northeast were […]
Oil prices are up slightly this morning, gaining positive traction as government shutdown risks diminish and oil stocks fall. Crude is currently trading at $53.59, up 49 cents since yesterday’s close. Fuel prices are also seeing a boost this morning. Diesel prices, buoyed by a strong inventory draw, are trading at $1.9319, up 2.5 cents. […]
Russia’s Sechin raises pressure on Putin to end OPEC deal Igor Sechin, head of Russian oil giant Rosneft and one of Vladimir Putin’s closest allies, has written to the Russian president saying Moscow’s deal with OPEC to cut oil output is a strategic threat and plays into the hands of the United States. The letter […]
Markets are rebounding from last week’s dip in prices, with markets becoming more hopeful that a second government shutdown will be averted. Crude oil is trading higher this morning at $53.52, up $1.11. Fuel prices are also getting a lift this morning. Diesel prices are trading at $1.9179, a gain of 2.6 cents since yesterday’s […]
Today brings another sell-off in the petroleum market, as markets put their focus on US-China trade talks and OPEC production. Crude is trading at $52.08, down 64 cents. Fuel is also trading lower with diesel prices this afternoon trading at $1.8940, down 1.5 cents. Gasoline prices are lower too, trading at $1.4195, down 2.7 cents. […]
Oil prices took a heavy hit yesterday amid a broader selloff in financial markets. After trading lower this morning, oil prices have regained their previous levels. Crude oil is currently trading at $52.74, with losses turning to small 10 cent gains after the product lost roughly $1.40 yesterday. Fuel prices have also turned a bit […]
After prices were bid up last week among Venezuela sanctions, markets reverted lower again on profit-taking and reduced economic growth prospects for this year. Oil prices have been fairly range-bound, so prices simply bounced off their Friday high to trade lower this week. While stocks have made a significant recovery since their November bear market, […]
