As a heatwave sweeps across the northern US, temperatures aren’t the only thing heating up. In the Pacific Northwest this week, high temps are affecting refinery outputs, causing reduced supply and escalating prices. Temperatures have catapulted well above 100 degrees Fahrenheit, making it difficult for refiners to remove enough heat to run at maximum capacity. […]
Oil prices fell back yesterday after hitting a new post-pandemic high on Monday. OPEC+ sources hinted at the possibility of increasing supplies in future months to keep up with rising demand. The group has two particularly troublesome dilemmas – the US and Iran. American shale producers are staying on the sidelines for now, but higher […]
Oil prices were mixed early this morning, following last night’s API inventory data. The organization showed crude inventories falling by over 8 million barrels – more than double the expected draw. On the flip side, fuel inventories rose by more than expected. This morning, the EIA’s data confirmed yesterday’s outlook, with a steep crude draw […]
Oil Prices Climb On Huge Inventory Draw The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of 3.290 million barrels for the week. In the previous week, the API reported a draw in oil […]
Inventory data published by the EIA yesterday aligned with the market’s expectation on direction but differed widely on size. Markets expected crude inventories to fall while product inventories rose, which was the case. However, the crude draw was nearly double the projected amount, and both diesel and gasoline inventories rose far more than expected. Although […]
Despite a slow start yesterday morning, oil prices closed the session a few cents higher than Monday’s close, putting prices at the top of its recent $63-$66 range. Today, prices are trading sideways/slightly lower, recovering from the rally over the past two days. The API released their weekly inventory data, which echoed the market’s expectation […]
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 […]
Fuel markets climbed to yet another high to end yesterday’s trading session, putting the US crude contract at a whopping $47.62/bbl. Like many other mornings this week, trading is flat/lower. For the last two weeks, those types of mornings have either resulted in a flat trade or a moderate gain, but the EIA’s weekly petroleum […]
IEA December Market Report The understandable euphoria around the start of vaccination programmes partly explains higher prices but it will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand. In the meantime, the end of year holiday season will soon be upon […]
