Large Crude Draw Moves the Market Higher

On Tuesday, WTI Crude closed higher on news of a large inventory draw reported by the API.  Crude prices continue to rise in early trading today on the bullish inventory news as traders await confirmation from the EIA later this morning. The crude rally would seem to indicate inventory data is being weighted more heavily […]

Mid-Week Review – August 5, 2020

Low Oil Prices Will Boost Consumption Without a doubt economic growth and income are the primary drivers of oil consumption, but price is the most important secondary element. It’s not that a price crash will encourage consumers to leave their cars running in the driveway, but on the margin, it will make them less inclined […]

Iran Fires Missiles at Mock US Carrier

After moderate losses during yesterday’s trading session, oil prices are recovering slightly, supported by surprising oil inventory data from the API. While economic stimulus remains the critical story of the day, markets are also eyeing geopolitical unrest in some areas of the world. In the Middle East, Iran appears to have built a replica aircraft […]

Mid-Week Review – July 29, 2020

End Game for Oil Somare speculating that oil demand may never recover to pre-COVID levels. If that’s the case, a lot of OPEC nations, reliant on exports to fill government coffers, may be in trouble. Click here to read from Reuters how the group is coping with declining oil demand.   Infrastructure: The Next Big […]

API Reports Surprise Crude Build

On Tuesday, WTI Crude closed up sharply on news of a European Union stimulus deal and hopes for a coronavirus vaccine in the near future.  This morning the market is giving back some of those gains in early trading as fears of a resurgence in lockdowns retakes precedents. Also putting downward pressure on markets today […]

Mid-Week Review – July 22, 2020

With oil cheap, Arab states cannot balance their books Peak demand for oil may still be years away, but covid-19 has given the Middle East and north Africa a taste of the future. Prices of the black stuff plummeted as countries went into lockdown. The region’s energy exporters are expected to earn about half as […]

OPEC+ to Discuss Plans Today

On Tuesday, WTI Crude closed relatively flat, but is moving higher this morning on bullish inventory news from the API.  The API reported crude inventories fell by 8.32 MMbbls last week.  The EIA this morning only confirmed a draw of 7.5 MMbbls in crude. The large draw would seem to indicate that the supply glut […]

Mid-Week Review – July 15, 2020

Oil slips on surge in COVID-19 infections, U.S.-China tension In the United States, infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state. Numerous states have rolled back the loosening of restrictions on business operations and now require mask-wearing to slow […]

EIA Raises 2021 Crude Forecast 10%

The EIA published its monthly Short-Term Energy Outlook yesterday, and the news is helping to keep prices from sliding amid higher COVID-19 cases. The US yesterday posted another record-breaking day for infections, reporting roughly 60,000 new cases throughout the country. With some states reversing reopening, many fear a return to low regional demand in some […]

Dakota Access Pipeline Shut: Fuel Price Implications

Oil markets are rising gently this morning after yesterday brought no change in price direction. This week the market will be sharply focused on July 4 demand data. Each year, millions of consumers hit the roads to see family and friends and gather for fireworks; this year, many of those plans were cancelled. The EIA’s […]

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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