Oil trading action is relatively calm this morning, easing from choppy trading earlier this week. Although recent focus has moved to US unemployment claims, Iranian oil hitting the market, and COVID-related restrictions in some countries, there’s still plenty of optimism that demand is recovering. Yesterday, Colorado State University released its first outlook for the 2021 […]
After several weeks of volatility, oil prices stabilized this week. Following Monday’s selloff, WTI crude prices consolidated to a narrow $1/bbl trading range. The week began with OPEC+ agreeing to slowly increase its production, phasing in roughly 1 MMbpd of supply over the next three months. Saudi Arabia also announced it would cease its voluntary […]
FUELSNews will resume on Monday, April 5. The Mansfield Supply & Marketing Team wish you a peaceful Good Friday! Despite a small surprise draw in crude inventories, crude prices ended Wednesday off by nearly a dollar. Fuel prices also shed 2-3 cents. Markets are watching OPEC+ for a decision today about their future production. Most […]
After pulling back moderately yesterday, oil markets are trading steady as they await the EIA’s weekly inventory data, Biden’s new infrastructure plan, and more news regarding OPEC’s future production strategy. So far, OPEC members seem aligned on maintaining their current strategy. A month ago, the group was scorned for maintaining cuts in the face of […]
Crude Oil Price Forecast – Crude Oil Markets Continue Noisy Behavior The West Texas Intermediate Crude Oil market has been all over the place during the trading session on Monday as we continue to see conflicting headlines cause major issues. For example, the tanker in the Suez Canal has finally been moved, but at this point in […]
Although equity markets shed 2% yesterday, oil markets remained within their narrow trading range, rising slightly higher to close out the day thanks to a bullish EIA report. Adding to the bullish sentiment is sweeping climate change action taken by President Biden, including an indefinite pause on new leases for oil drilling on federal land. […]
The oil complex is experiencing steep losses this morning as the factors behind the rally seem to be fading. Last year, China’s recovering fuel demand was a primary force pushing prices higher. This year, several Chinese cities are experiencing rising cases, forcing the country to establish new lockdown policies to curb the spread. China was […]
In the first few days of a new political administration, change is expected, and the Biden administration has not disappointed. President Biden has signed executive orders re-entering the US into the Paris Climate Accord, slowing pipelines, reinvigorating vehicle fuel efficiency targets, and issuing a 60-day ban on new drilling permits on federal land. Halting drilling […]
Just a day into the new Biden administration, the President is busily undoing many of Trump’s environmental policies. On his first day, President Biden signed an executive order to re-enter the United States into the Paris Accord, an international climate agreement pledging carbon reductions over the next decade. He also threatened to cancel the Keystone […]
Oil prices are continuing yesterday’s rally, with all eyes looking towards the Inauguration Ceremony in Washington DC. Traders continue hoping for stimulus to lift economic prospects. Treasury Secretary Nominee Janet Yellen, former chair of the Federal Reserve, stated yesterday that Congress should “act big” in its legislation. Yellen argued that low interest rates would keep […]
