WTI crude finished the week relatively unchanged after an up and down week of trading. OPEC met on Monday and reiterated that it would support a balanced market. Saudi Arabia stated, “No one should doubt the group’s commitment to providing support.” Still, the group did not formally commit to maintaining current production levels. Markets are […]
WTI crude finished higher this week. After heavy speculation over the weekend about the President’s health, the market rose on Monday on news that Trump was recovering from the coronavirus. News of his recovery erased much of the previous week’s losses to start this week. Trump called for a halt to stimulus negotiations, then reversed […]
The week began with optimism regarding a stimulus package being discussed in the House. Democratic leaders proposed a new $2.2 Trillion bill to inject cash into the US economy. While both sides of the aisle agree stimulus is needed, they disagree on how much money should be spent. In inventory news, a surprise draw in […]
Blink and you might have missed the faltering oil market from past weeks. WTI crude broke below $40/bbl on September 4, and by the middle of this week had already gained a position above that threshold. The week started with bearish news including the UAE uncharacteristically pumping above their OPEC quota. In addition, Libya announced […]
WTI crude finished down for the week. The week started with a precipitous drop on news from Saudi Arabia of a cut in price on August Arab Light crude, which traders took as a sign of lowered demand coming out of Asia and especially China. Crude followed the choppy ride of US equities this week […]
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 […]
