Texas oil production drops Crude oil production in Texas dropped year on year in March, according to the Railroad Commission of Texas’ (RRC) latest figures. The preliminary reported total volume of crude oil production in Texas was 107 million barrels during the month, which marked a significant drop from the reported total production volume of […]
On Tuesday, WTI Crude was supported by the market’s growing confidence in OPEC+’s ability to bring the market into balance. Markets closed yesterday with gains near 2% after data showed an uptick in demand as more cars get back on the road. In early trading this morning, the market is giving back some of yesterday’s […]
Coming off a long weekend, oil is climbing to fresh highs this morning as positive sentiment endures. The market continues with the mantra “no news is good news” – another day without a major uptick in COVID-19 cases and no unexpectedly low economic data constitutes a win. The IEA’s Executive Director commented this weekend that low oil prices could drive demand […]
The oil complex is pulling back this morning after posting sizable gains throughout the week. Heading into a long weekend, traders are taking their gains and exiting the market. Uncertainty regarding updates in China is also leading the market to take a cautious approach. The Chinese economy, once the centerpiece of the COVID-19 debacle, is […]
WTI crude closed yesterday near 10 week highs but prices finished off the day’s highs due to profit taking and concerns about demand recovery. It has been a strong month for crude with the June contract expiring in the black – a far cry from the negative prices seen in May. This month experienced the […]
Yesterday, crude prices finished the day at 10-week highs after seeing some downward pressure when the EIA reported inventory numbers. While crude had a surprise draw, products both built more than expected. The bulls won out as the crude market closed with strength. Markets are seeing an uptick in demand across all products as the […]
On Tuesday, WTI Crude finished a quiet day up about 50 cents to close out the June contract with gains on the books. Oil prices have been on an upward trend for the past three weeks – spurred by increasing demand and OPEC+ production cuts. This morning we are seeing prices lifted by a bullish […]
Oil rises on signs of firmer demand, fall in U.S. crude stocks Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains. Click here to read more from CNBC. Australia revamps climate fund to encourage Big […]
Yesterday, WTI crude broke into the $30 price range for the first time since the 1st quarter of this year. Prices are continuing their upward trend in early trading this morning. The negative prices of last month seem like a distant memory as the June contract prepares to expire while holding onto gains. Several factors […]
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 […]
