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 […]

Refinery Utilization Clears 90% Threshold – Keystone XL Project Discontinued

Inventory data published by the EIA yesterday aligned with the market’s expectation on direction but differed widely on size. Markets expected crude inventories to fall while product inventories rose, which was the case. However, the crude draw was nearly double the projected amount, and both diesel and gasoline inventories rose far more than expected. Although […]

Crude Nears $70/bbl – US-Iran Talks Continue

This morning crude opened at $69.52, the highest in a multi-year period. While crude is floating around $70, it may be a while before it breaches that threshold. With the economy trying to find a strong balance between the rising demand with summer travel picking up, along with higher output from Iran, there are differing […]

Crude and Diesel Reach 3-Yr High – Summer Demand Picking Up

This morning, crude and diesel both opened with 3-year highs at $68.76 and $2.1061, respectively. As the demand for travel starts to slowly make its way back into the daily lives of consumers, oil prices are expected to climb to as high as $80 this summer. After the economy reopened following COVID-19, prices rose as […]

OPEC+ Stays the Course, Pushing Oil To Fresh Highs

Crude oil prices climbed to a new multi-year high yesterday, following the OPEC+  meeting yesterday. As expected, the group opted to continue gradually adding supply. OPEC’s consistency instilled confidence that the group will maintain a conservative approach. Global demand is expected to grow by an additional 6 million barrels per day in the second half […]

Oil Hits New Post-Pandemic High on OPEC Meeting

Oil prices are rocketing higher this morning as traders come off a long holiday weekend. On Monday, OPEC’s technical committee met to review oil market conditions. They concluded that oil demand would rise by over 6 million barrels per day (MMbpd) in the second half of the year. The critical question is how the group […]

Crude Oil Hits 3-Yr High on Strong Economic Data

Oil prices climbed to three-year highs at yesterday’s closing price, with WTI crude settling at $66.85. Today, fuel prices are peaking above multi-year highs as well, after hovering near the high for the past two weeks. The Commerce Department reported that US GDP growth was 6.4% last quarter, a clear sign of demand recovery. Memorial […]

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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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