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 […]
WTI crude closed yesterday near 10 week highs but prices finished off the day’s highs due to profit taking and concerns about demand recovery. It has been a strong month for crude with the June contract expiring in the black – a far cry from the negative prices seen in May. This month experienced the […]
The crude market is on track to post its third weekly gain, bringing crude prices to their highest level in over a month. With rig counts falling to all-time lows, markets anticipate declining US oil production, which combined with OPEC+ cuts should help bring supply and demand back into balance. Many analysts believe oil markets […]
The crude market was up for the week, extending last week’s gains. Still, a “rally” from $16/bbl a couple of weeks ago to $23/bbl today is hardly a sign of a return to normalcy. Markets remain heavily suppressed, with global oil demand still 17-20 million barrels per day below peak levels. The major news moving […]
Oil Resumes Rally with Prices Doubling Over Last Five Days Futures in New York rose above $25 a barrel after earlier breaking above their 50-day moving average for the first time since January. Russian oil production was down 16% in the first five days of May, Interfax reported, while Plains All American Pipeline LP sees […]
The crude market was up for the week, marking one of the first weekly gains in quite some time. This week began with news of crude storage capacity tightening around the world. Reportedly, global crude storage stood at 85% of total capacity to begin the week, and South Korea had used up all its available […]
Oil prices tank another 21% as storage fears persist US oil prices tanked on Tuesday as fears that global storage is running out mounted, prompting concerns that the June contract could significantly plunge in the same way the May contract did last week. Click here to read more from Markets Insider. Could US oil prices […]
The last week of crude oil prices may go down in history as the most unique week, ever. Besides setting the largest one-day price drop in history (both by percent and by dollars), crude oil futures showed that $0/bbl is not the lower limit for oil markets. Whether this week’s negative oil prices become an […]
The crude market was down for the week. The week began with what would appear to be bullish news for the market – the OPEC+ group agreed to historic 9.8 MMbpd production cuts for the next two week, followed by large cuts that extend through mid-2022. But amid a 30 MMbpd demand loss, OPEC+’s cuts […]
