Why Everything Is Getting More Expensive – Freight, Fuel, & DEF

It seems like the price of everything is going up recently – goods, labor, fuel, even freight prices. In the post-COVID economy, prices are rocketing higher. Some of the statistics you hear lack meaning: consumer prices rising 5% since the bottom of the world’s worst recession isn’t exactly frightening. But in other cases, the rise […]

Iran Election – A Nuclear Deal Setback?

This morning crude opened up $71.51 while reaching an early morning high of $72.41. Prices this morning remained mostly flat as summer driving demand continues to pick up. Iran, which last week held its presidential election, is also at the top of traders’ minds; the country elected conservative candidate Ebrahim Raisi on Friday. Over the […]

Oil Falls Back on Rising US Dollar

Oil prices fell early this morning on a rising US dollar, though prices moved higher as the morning continued. The Federal Reserve announced plans to hike interest rates in 2023, a year sooner than expected, due to rising inflation concerns. Any hint of higher interest rates is supportive for the dollar, since it would increase […]

Supply Crunch Weighs on Oil as Storm Moves toward Gulf Coast

Yesterday, oil prices hit a new multi-year high with crude reaching $72.29, while fuel prices sustained high levels. These price increases come amid rising concerns that oil could break the $100 threshold by the end of the 2021 calendar year. With rising demand and concerns surrounding the idea of inflation, prices are sure to be […]

Crude Draw Spurs Higher Crude Prices, but Crack Spreads Fall

Oil prices were mixed early this morning, following last night’s API inventory data. The organization showed crude inventories falling by over 8 million barrels – more than double the expected draw. On the flip side, fuel inventories rose by more than expected. This morning, the EIA’s data confirmed yesterday’s outlook, with a steep crude draw […]

Mid-Week Review – June 16, 2021

Oil Prices Climb On Huge Inventory Draw The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of 3.290 million barrels for the week. In the previous week, the API reported a draw in oil […]

2021 Oil Forecasts Rise as Iran Deal Stalls

Lack of progress on Iranian nuclear negotiations is pushing markets to fresh highs this morning. Iran’s presidential election, which had been seen as a soft deadline for negotiations, is approaching on Friday this week. The front-runner is Ebrahim Raisi, a hard-line conservative with a history of cracking down on political opposition. Iran’s Supreme Leader Ali […]

Oil Prices Reach New High – Hurricane Season Heats Up

On Friday, a storm brewing in the Gulf of Mexico began making headlines, as it would be the first storm of the new hurricane season to impact the mainland US. Forecasters are reporting that the storm system could strengthen to a tropical storm briefly before making landfall as early as the end of this week, […]

US Crude Hits Fresh 2.5-Yr Highs as Goldman Calls for $80 Oil

Oil prices reached a fresh high yesterday, spurred higher by demand optimism. Goldman Sachs reiterated its bullish forecast to its customers, stating that Brent crude prices may overshoot their $80/bbl price target. Given where prices are today, that forecast suggests at least another 20 cent per gallon increase in fuel prices before the end of […]

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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