After waiting some time for clarity on Iran sanctions waivers, the White House has provided some clarity, which is causing oil prices to move rapidly higher this morning. Crude oil is currently trading at an annual high of $65.51, up $1.51 (+2.4%) from Friday’s close. Fuel prices are also moving quickly, with large gains for […]
FUELSNews will resume production on Monday, April 22. Markets were less than impressed with yesterday’s EIA report despite across-the-board draws for crude, diesel, and gasoline stocks. Crude oil fell back down to the $63/bbl range, with diesel prices following. Yesterday’s losses were less related to the EIA’s report, though, and more tied to equity markets. […]
The Case For $100 Oil The odds of an oil price spike this year are much higher than the prevailing consensus in the market, according to a new report from Bank of America Merrill Lynch. The oil market has been tightening rapidly this year, due to OPEC+ cuts taking supply off of the market, outages […]
Oil is trading a bit higher this afternoon, right in line with recent trading ranges between $63 and $65. Markets have not yet been able to sustain a rally higher, but they also have too much buying pressure to sink lower. This afternoon WTI crude is trading at $63.65, up 25 cents. Fuel is also […]
Though prices made another run at closing above $64 on Friday, momentum weakened later in the day, leading to a close just under that level. This morning crude remained under pressure, facing resistance as it seeks to push new highs. WTI crude is currently trading at $63.16, down 73 cents. Weakening crude prices are spilling […]
Markets retreated a bit yesterday, but this morning are on track to recapture their gains and close the week strong. A weaker dollar is providing some support along with on-going political and geopolitical uncertainty. Crude is currently trading at $64.16, up 58 cents. Fuel prices are receiving a lift as well. Diesel prices are trading […]
For the week, the crude market was up. The week started off bullish with a strong jobs report and news of Libyan instability pushing the market upward. Continued fears of a global economic slowdown kept the bulls in check as the week progressed, but news of a large draw at Cushing added support for the […]
After pushing new annual highs yesterday, oil prices are cooling off some as traders pocket their profits and exit the market. Crude oil is currently trading at $64.05, down 56 cents from yesterday’s close. Fuel prices are also moving lower. Diesel prices are trading at $2.0741, down 1.4 cents. Gasoline is experiencing even faster losses, […]
Oil is moving higher this morning amid a generally bullish API report and OPEC’s most recent monthly oil report. Crude oil is currently trading at $64.41, up 43 cents. Fuel prices are also on the rise, supported by steep product draws. Gasoline prices are currently $2.0338, up 3.5 cents to the highest level since October […]
Oil slips from 5-month highs as Russia casts doubt on further output cuts Oil prices hit fresh five-month highs on Tuesday, supported by concern that violence in Libya could further tighten supply, although Russian comments signaling willingness to pump more dampened the rally. Supply curbs led by OPEC have underpinned a more than 30 percent […]
