Week In Review – August 7, 2021

Being the world’s second largest oil consumer, China is drawing attention as its factory activity continues to draw the wrong attention. Fears that the economic recovery in Asia is taking steps backward mean that this will undoubtedly affect supply and demand moving forward. Factory activity in China fell heavily in July to numbers not seen […]

Oil Prices Fall as Chinese Factories Slow Activity

This morning oil prices fell after concerns about Chinese factory activity made headlines. This problem over China and their oil-consumption decrease is accompanied by a sharp increase in Delta Variant cases worldwide. Crude oil opened the day at $73.91, diesel at $2.1910, and gasoline at $2.3303. Being the world’s second largest oil consumer, China is […]

Prices Rise Over 4% As Inventory Levels Increase

Today, oil prices continue to rise over 4% despite an unexpected crude inventory hike. Investors are buying the dip, capitalizing on low prices in the hopes that prices will continue their march higher over the next few months. Rising prices are somewhat counter-intuitive, given yesterday’s bearish inventory data. Crude oil inventory levels rose Wednesday for […]

Oil Hits Multi-Month Lows as Saudis Cut Prices

Markets are trading steepily lower this morning following a slew of bearish reports over the long weekend, sending crude oil to its lowest point since June. On Monday, Saudi Arabia lowered  its official selling price for October Arab Light crude, a product that sets the tone for Middle Eastern producers and signals weak demand in […]

Outbreak May Evolve into Pandemic

In Asia, Europe, and the Middle East hundreds of new cases of the coronavirus, COVID-19, have been reported.  The virus has been found in about 30 countries.  In the US, the Center for Disease Control warned of the inevitable outbreak of the virus.  The organization is preparing for “severe” disruptions to daily life in the […]

Surprise Draw is Moving the Markets

A surprise draw in crude stocks is putting upward pressure on prices this morning.  WTI Crude is trading at $57.55 a gain of 43 cents. Fuel is up this morning.  Diesel is trading at $1.9345, a gain of 2.2 cents.  Gasoline is trading at $1.6456, a gain of 0.9 cents. Crude prices rose after the […]

Economic Fears Rear Head Again

As traders refocus on macroeconomic fears, oil followed equities lower yesterday, extending the streak of crude oil price losses to seven days.  EIA reports of a larger-than-expected build in crude put downward pressure on markets.  WTI Crude is trading at $52.50, a loss of 14 cents. Fuel is mixed this morning.  Diesel is trading at […]

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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