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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
