The (Eroding) Line in the Sand for Oil Prices

On Monday, we saw the most significant single-day drop in oil prices in 10 months. Many analysts suggest this has to do with the fear that new coronavirus variants will again bring a pause to travel, in turn heavily impacting fuel demand. Today prices fell again, with crude opening at $66.60. This was the lowest […]

This Week in Review

This week brought a sharp break from rising oil prices, with crude oil shedding several dollars from its lofty prices. Saudi Arabia and the UAE’s compromise on Wednesday paved the way for OPEC+ to begin hiking their output each month, bringing markets closer to balance. Even with the agreement, though, some forecasters are still calling […]

Prices Continue to Fall After OPEC+ Agreement

This morning prices continued to fall while posting some of their lowest opening numbers of the week. Crude this morning opened at $72.96, diesel at $2.1379, and gasoline at $2.2926. The agreement between Saudi Arabia and the United Arab Emirates (UAE) is helping to weaken the oil rally, since it will provide more supply each […]

Mid-Week Review – July 14, 2021

Oil prices drop after Saudi-UAE reach output compromise Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output. The deal between the two Gulf producers means that members of the Petroleum […]

Saudis and UAE Agree on OPEC Production Deal

Oil prices are turning lower this morning, following news that OPEC may finally be near an agreement to increase production for the remainder of the year. Saudi Arabia and the UAE have been at odds for the past two weeks, derailing members’ consensus to increase output by 400 kbpd each month between now and December. […]

IEA Forecasts 10-Yr High Inventory Draws in Q3

Oil prices are hovering in the low $74 range this morning, not far from their pre-July 4th peak. The International Energy Agency (IEA) released their monthly oil market report, which noted several bullish trends in the short-term. Oil demand rose by 3.2 MMbpd in June, representing a 3.4% increase month-over-month. Moreover, last month’s demand gains […]

Prices Slip as Delta Variant Cases Increase

This morning prices fell as the world has seen a heavy increase in COVID-19 variant cases. These new strains, along with already tight supply and demand, have started to concern investors. Today crude opened at $74.74, diesel at $2.1527, and gasoline at $2.2869. One of the biggest threats to the market right now is the […]

Week In Review – July 9, 2021

After a long string of oil price gains, oil prices fell this week as the OPEC meeting last week crumbled. Although the group was voting on increasing production – and thus no vote means less production, which should cause higher prices – the market reaction has been bearish. Traders fear that the UAE and other […]

2021 Hurricane Season Projections – 4 Steps to Prepare

Every year, hurricane season presents challenges for the downstream fuel industry, shutting down offshore production and often disrupting refinery operations and fuel deliveries. Like last year, 2021 is expected to bring an above-average number of hurricanes and major storms. Are you prepared? Today we’ll explore forecasts for the season, why this year could be more […]

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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