Oil Rallies as Demand for Gasoline Rises

Yesterday, crude prices advanced sharply on bullish inventory news confirmed by the EIA.  A smaller -than-expected build in crude stocks and a surprise draw in gasoline inventories helped move prices higher.  Further supporting the rally in oil, the US Equities market rallied on news of a potentially useful drug treatment for the coronavirus.  In addition, […]

OPEC+ and Texas RRC Considering More Cuts

On Tuesday, WTI Crude finished down slightly while Brent crude finished up slightly.  Some of the optimism stemmed from European countries and some US cities and states beginning to ease up on their quarantines.  For the most part, social distancing recommendation remain in place; however, public areas such as restaurants and other businesses are beginning […]

World is Running Out of Room to Store Oil

Yesterday, WTI crude fell nearly $4/bbl but settled roughly $1/bbl higher than session lows in an apparent short covering rally amid no new news.  This morning we are seeing a continuation of losses as the world runs out of storage.  Reuters reported that South Korea had run out of commercial storage space for oil.  All […]

Fuel Market Perspectives – Guest Article by Andy Milton

What a difference a month makes. This time last month, prompt RB (gasoline) was trading 60cpg cheaper than HO (diesel).  On Friday, HO ended lower. Although HO is a bit higher today, Friday’s flip was significant for several reasons: Market chatter points toward demand having found a bottom and started a recovery.  Albeit, a bottom would […]

Sentiment Improves as States Reopen, Congress Passes Stimulus

Sentiments are broadly improving across the market, as COVID-19 cases in most countries appear to have peaked and moved into remission. Now on the other side of the curve, many European countries and American states are looking at reopening their economy in a slow, measured way to aid suffering businesses. At the forefront, Georgia is […]

Trump Escalates Tensions with Iran

Yesterday, crude prices rallied in the afternoon to close the day higher.  This rally came about even in the light of bearish inventory news coming from the EIA with the 13th straight week of weekly crude builds.  Prices got a jolt from increased US-Iran tensions escalated by a tweet from Trump.  In early trading this […]

Trump Pledges Support for Oil Industry

On Tuesday, WTI Crude future’s May contract rebounded from -$37.63 to expire in positive territory at $10.01.  WTI Crude continues to underperform against Brent crude as we see the price spread widen due to tight storage capacity at Cushing.  WTI crude is up in early trading on this first morning of trading for the June […]

Mid-Week Review – April 22, 2020

The worst is yet to come for oil prices Dashing hopes for some oil producers who may have thought negative prices were a weird quirk, the June WTI contract fell sharply on Tuesday. During intraday trading June contracts collapsed by more than 45 percent, falling close to $11 per barrel. The selloff demonstrated that the […]

WTI Crude Closes -$36. Yes, That’s Negative

Yesterday, the bottom fell out of WTI Crude prices unlike ever before. Prices opened substantially lower, fell to the $.01 bargain bin, then crossed the fateful line into negative territory. But before you assume that fuel suppliers will start paying you to take their diesel and gasoline away, it’s essential to understand why the drop […]

US-Iran Tensions Flare Despite COVID-19

In today’s topsy-turvy world, it’s hard to talk about anything other than COVID-19 news, perhaps with the occasional OPEC call-out. But over the last few weeks, tensions have been flaring in the Middle East, and COVID-19 may be right at the heart of the tension. Before we jump into geopolitics, let’s touch on the latest […]

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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