Stock Market Losses Spilling Over to Oil

Oil prices are gathering steam this morning, though given recent volatility it’s well within the realm of possibility that prices revert lower again. Crude oil is currently trading at $67.52, up 70 cents from yesterday’s close. Fuel prices are mixed this morning, with extremely high gasoline production weighing on gas prices while diesel trades in […]

Crude Stocks Built 3x More than Expected

Another huge loss for oil prices yesterday, with crude falling nearly $3/bbl (4%) at the end of the day in response to the API’s reported crude build. Markets have been taking a huge hit as crudes stocks return to seasonal trends. Last year, crude stocks declined during the fall despite lower refinery utilization of that […]

OPEC Production Rises, Prices Fall

Today brings another steep sell-off in the petroleum complex, with across-the-board losses for oil products accompanying a broader financial sell-off that began in China’s stock market. Crude oil is currently trading at $67.40, down $1.96 (-2.8%). Fuel prices are also taking a big hit this morning after mixed trading yesterday. Diesel prices are currently $2.2768, […]

Bullish Oil Bets Reach 2018 Low

Market-altering news was light over the weekend – although there’s still a bit of unresolved anxiety related to the death of journalist Jamal Khashoggi, which will likely fizzle out with time. Crude oil eked out some small gains on Friday but failed to re-take $70/bbl ground. Markets are anxious to see whether prices will regain […]

Week in Review

Markets are growing bearish as this year’s refinery maintenance season has thus-far brought larger crude builds than expected, keeping downward pressure on prices. As we noted earlier this week, from June through October last year, US crude stocks increased by 56 million barrels; this year, stocks fell by the 55 million barrels over the same […]

Delays for IMO 2020? Unlikely

Oil prices are finally getting a reprieve this morning after significant losses this week brought crude below $70 for the first time in a month. WTI crude is currently trading at $69.36, picking up 71 cents since yesterday’s close. Fuel prices are also getting a boost this morning. Diesel prices are trading at $2.3113, up […]

Midterm Elections – What’s at Stake?

Oil prices are trading strongly in negative territory this morning after steep losses yesterday following the EIA’s inventory report. Oil gave up over $2/bbl yesterday amid bearish sentiment – with equities down early this morning, markets are continuing to fret over weakening demand prospects. WTI Crude is currently trading at $68.64, a loss of $1.11 […]

Low Demand, Tight Supply – Traders Unsure

Prices are continuing to hover between $70 and $72 yesterday, unable to make a decisive break higher or lower. While demand reports have been disappointingly low, supply is also tight – leaving traders unsure how to sort out the two. This morning WTI crude is trading slightly below yesterday’s closing price at $71.27, a loss […]

Saudi Tensions Create Market Uncertainty

Markets appear unsure of a clear direction to take, waffling between losses and gains this week. Yesterday saw WTI crude prices dip as low as $70.78 before closing nearly a dollar higher in the afternoon. Today, after some early-morning losses, crude oil is trading 21 cents below yesterday’s closing price, at $71.57. Fuel prices joined […]

Saudi Corruption Threatens Oil Prices

After Friday’s price rebound, oil prices are beginning to ebb lower. Last week brought significant losses in oil prices, falling from nearly $75/bbl to just above $70/bbl. This morning, WTI crude is trading at $70.98, down 36 cents since Friday’s close. Fuel prices are also in the red this morning, after mixed trading on Friday. […]

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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