WTI Crude finished the week higher amid a large crude draw mid-week and falling rig counts. Higher refinery utilization helped WTI crude stocks fall this week, but demand for products could not soak up all the excess production as distillates and gasoline inventories increased. Rig counts have fallen 67% from March highs to 263 active […]
WTI Crude finished the week lower as the coronavirus pandemic continues to weigh on the economy. A recent surge in cases across the country caused a rollback of reopening plans and rekindled fears of demand concerns in the crude market. In inventory news, a large surprise draw of 10.6 MMbbls reported by the EIA barely […]
WTI Crude finished the week higher after a choppy week of trading. The OPEC+ meeting on Wednesday dominated the news this week with the cartel deciding to ease production cuts beginning in August as expected. After a few months of 9.7 MMbpd cuts, the group will ramp down cuts to just 7.7 MMbpd. Traders had […]
WTI Crude finished the week lower after cruising to mid-week relatively flat. Demand concerns early in the week were offset by the EIA increasing the 2021 crude demand forecast by 10% which helped lift markets on Wednesday. While some headlines pointed toward rising prices, the market fell to close the week on mixed inventory news, […]
WTI Crude finished the week lower after a choppy ride throughout the week. The week started off higher as Trump clarified that the US-China trade deal is “fully intact,” after earlier negative statements by White House trade advisor Navarro. EIA inventory news mid-week put downward pressure on markets as crude inventories rose. Also mid-week, IMF […]
WTI Crude finished the week strongly and is sharply rising in early trading this morning. Positive macroeconomic support earlier in the week from the White House and the Fed is being weighed against fears of a second wave of COVID-19. Fuel markets received support mid-week from the EIA’s inventory report, which included the first diesel […]
WTI crude opened the week higher on the extension of deep OPEC+ production cuts through July. However, putting a cap on gains was news that the additional reductions by Saudi Arabia and its allies beyond OPEC+ quotas would not be extended. By mid-week, several headlines moved markets lower for the week. The National Bureau of […]
WTI crude is headed for its sixth straight week of weekly gains after OPEC+ reached a tentative agreement to extend its record production cuts. After a week of discussions, Saudi Arabia and Russia finalized a deal with Iraq regarding quota compliance, opening a way to production cut extensions into July. OPEC+ plans to meet on […]
WTI crude started the short week on Tuesday, trading at levels not seen since early March. Comments from the IEA’s executive director were bullish on demand returning to pre-crisis levels and higher. Souring the rally as the week progressed was OPEC+ news from Russia regarding tapering off production cuts in July. While the original OPEC+ […]
Texas oil production drops Crude oil production in Texas dropped year on year in March, according to the Railroad Commission of Texas’ (RRC) latest figures. The preliminary reported total volume of crude oil production in Texas was 107 million barrels during the month, which marked a significant drop from the reported total production volume of […]
