Last week saw oil prices trading within a very narrow $1/bbl range, but crude prices have broken higher this week thanks to strongly supportive data from the IEA and OPEC, as well as strong weekly demand reported by the EIA. After trading near $59/bbl all of last week, crude oil surged past $63/bbl on Wednesday. […]
After several weeks of volatility, oil prices stabilized this week. Following Monday’s selloff, WTI crude prices consolidated to a narrow $1/bbl trading range. The week began with OPEC+ agreeing to slowly increase its production, phasing in roughly 1 MMbpd of supply over the next three months. Saudi Arabia also announced it would cease its voluntary […]
Thanks to Thursday’s selloff, this week brought the largest 1-wk drop since the height of the pandemic. This week, oil markets lost nearly $6/bbl, almost a 10% drop. The last weekly crude drop of that magnitude came in March and April 2020. The week began innocuously, with headlines of strong growth in China and falling […]
Fuel prices were a roller coaster this week, soaring and sinking and soaring again. The market was turned upside down last week by freezing weather in Texas, one of America’s most important hubs for production and refining. Crude fields stopped pumping, and refineries shut off their operations quickly, making restarts difficult. At the same time, […]
The week was a short one for oil markets, with traders coming off a long weekened due to President’s Day. Crude oil managed to eke out small gains, but most of the midweek rally faded on Thursday as weather conditions improved in Texas and the US offered talks with Iran. The bullish EIA report was […]
After nearly two straight weeks of rallying oil prices, oil markets finally halted their streak during Thursday’s trading session. The market experienced bullish price drivers this week, including a sizable crude oil draw reported by the EIA midweek. Overall, the two-week rally caused crude prices to rise by $5/bbl, diesel by $.15, and gasoline by […]
This week was full of price swings, but none of those swings resulted in a meaningful trend for the week. The oil market seemed to be taking in new political news carefully, tucking it away rather than acting on it. This week certainly wasn’t short on political news – from stimulus deal fighting to Biden […]
In the first few days of a new political administration, change is expected, and the Biden administration has not disappointed. President Biden has signed executive orders re-entering the US into the Paris Climate Accord, slowing pipelines, reinvigorating vehicle fuel efficiency targets, and issuing a 60-day ban on new drilling permits on federal land. Halting drilling […]
WTI crude started the week lower after last week’s news of voluntary supply cuts from Saudi Arabia had sparked a rally. Vaccine news began this multi-week rally in earnest back in November, and the market marched steadily higher each week, supported by a weaker dollar until recently. The $1.9 Trillion economic stimulus package announced by […]
WTI crude started the week higher on news of vaccine distribution beginning in the US. Fuel prices have been rising faster than crude prices, and recently crack spreads have been above $10, signaling the likely return of refinery utilization. Falling crude inventories reported by the EIA mid-week helped to continue the rally as a crude […]
