WTI crude closed lower yesterday on news of a growing number of coronavirus cases in China and more stringent lockdown measures and restrictions in Europe. The market continues to feel downward pressure as the EIA reports builds in products from last week. In the EIA Short Term Energy Outlook (STEO) for January, the EIA forecasts […]
On Tuesday, WTI crude closed higher as the vaccine rollout continues and hopes for another round of economic stimulus in the US grows. The market is giving back some of those gain this morning even in the face of favorable inventory news from the API. The rally that the market has been on began in […]
Oil prices rise to near 1-year highs on vaccines, stimulus, and Saudi Arabian production cuts Oil prices rose on Wednesday to close to 1-year highs, as data hinted at stronger demand, while more stimulus and production cuts brightened the outlook. It is a remarkable turnaround for oil prices, after demand tanked during the first wave […]
Natural Gas News – January 12, 2021 Permian Basin natural gas pipeline goes into service, connects to markets on Gulf Coast On Friday, the Export-Import Bank of the United States (EXIM) announced the signing of two final agreements for a historic supply chain transaction– including the first-ever use of a funder guarantee structure– that will […]
Crude closed up only a penny yesterday but is hitting 11-month highs this morning. The continuation of last weeks’ rally based upon voluntary production cuts from Saudi Arabia and a weaker dollar is helping to lift markets. In addition, the easing of coronavirus restrictions and the ensuing uptick in travel and economic activity along with […]
Oil prices are retreating after Friday’s lofty gains propelled the product above $52/bbl. WTI’s rally will be an interesting test for US shale producers, who made steep cuts in 2020 to stay in business. Normally, $50/bbl would be a tantalizing opportunity to layer in additional profitable production for the next year, spurring shale companies to […]
It’s certainly been a crazy week, filled with headlines with direct implications for oil fundamentals. This week brought a major oil production announcement, a political shift in the US Senate, and violent protests at the US Capitol. Let’s break down some of the top headlines this week and the impact on oil 1. Saudis Announce […]
Oil markets are rallying this morning despite an absence of “new” news to provide incremental tailwinds. Indeed, the news may even be considered as a bearish factor, with Tokyo and Quebec each enacting restrictions to curb new COVID-19 cases. But the scale of the news this week has been lifting financial markets across the board, […]
Natural Gas News – January 7, 2021 Permian Basin natural gas pipeline goes into service, connects to markets on Gulf Coast Permian Basin natural gas pipeline goes into service, connects to markets on Gulf Coast. A major pipeline to transport natural gas out of the Permian Basin to market went into service at the start […]
WTI crude closed higher yesterday on the news of Saudi supply cuts and the hope for additional economic stimulus due to the Senate races’ results in Georgia. Both Senate seats went to Democrats, giving them a majority in the Senate and increasing the chances of another round of coronavirus stimulus. The market is relatively flat […]
