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 […]
Yesterday saw crude and diesel prices rise thanks to supportive inventory news, while gasoline’s surprise build triggered a small price drop. Adding to inventory news, the Federal Reserve indicated they would continue with current supportive policies, providing continued aid to the recovering US economy. We shared yesterday that Iran could become the next major topic […]
Oil prices rise on stronger economic outlook, US stockpile draw Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. But optimism over talks between the United States and Iran and an impending increase in supply […]
Iran may be the next major talking point for oil markets. President Biden is attempting to revive the nuclear deal with Iran, which would including lifting sanctions that are keeping millions of barrels of oil off the market. The Joint Comprehensive Plan of Action (JCPOA), signed in 2015 by former-President Obama, was exited in 2018 […]
Oil markets are settling back into the “crash and recover” pattern we’ve seen over the past few weeks. Last Thursday saw WTI crude prices climb $2/bbl higher, then Monday brought a $3/bbl crash. This morning, prices are once again recovering above $60/bbl, recouping half of yesterday’s losses. Fuel prices have seen comparable gyrations; 4-6 cent […]
On Thursday of last week, OPEC+ met and agreed to reduce their cuts slightly, gradually phasing in roughly 1 MMbpd of production over the next three months. The market initially reacted favorably to the announcement, with crude up nearly $2/bbl late on Thursday. The initial reaction on Thursday stemmed from added certainty that OPEC+ won’t […]
FUELSNews will resume on Monday, April 5. The Mansfield Supply & Marketing Team wish you a peaceful Good Friday! Despite a small surprise draw in crude inventories, crude prices ended Wednesday off by nearly a dollar. Fuel prices also shed 2-3 cents. Markets are watching OPEC+ for a decision today about their future production. Most […]
After pulling back moderately yesterday, oil markets are trading steady as they await the EIA’s weekly inventory data, Biden’s new infrastructure plan, and more news regarding OPEC’s future production strategy. So far, OPEC members seem aligned on maintaining their current strategy. A month ago, the group was scorned for maintaining cuts in the face of […]
Crude Oil Price Forecast – Crude Oil Markets Continue Noisy Behavior The West Texas Intermediate Crude Oil market has been all over the place during the trading session on Monday as we continue to see conflicting headlines cause major issues. For example, the tanker in the Suez Canal has finally been moved, but at this point in […]
Last week’s oil volatility seems to have cooled off a bit, as yesterday brought just a 60-cent price increase for crude oil. This morning, prices are cooling off by $1/bbl but haven’t shown signs of a broader selloff. Now that the Suez Canal is open and global maritime traffic can get moving again, traders are […]
