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 […]
On Tuesday, WTI crude followed US equities lower, closing 7.6% down for the day. The market was inundated with bearish news, including slowing crude demand coming from China and rising coronavirus cases around the world. The market is recouping some of yesterday’s losses in early trading this morning. President Trump gave direction to the Environmental […]
Oil prices are collapsing after Saudi Arabia sends ominous signal The fierce selling in the energy market is being driven largely by rising concern about how much crude the fragile world economy needs. With Labor Day in the rearview mirror, summer driving season in the United States is over. Jet fuel demand remains extremely weak […]
A late-breaking price rally on Friday brought crude oil prices back above the $40/bbl threshold, where they remain this morning despite a downward turn. Rising optimism across all financial markets helped deliver a strong close in equities and commodities last week. In addition, NY fuel prices (the trading point for NYMEX diesel and RBOB futures) […]
Prices eked out small gains on Friday, halting the 8-day down streak, though barely. Over the weekend, sentiments shifted to a more positive outlook on the economy given US-China trade talks resuming and a possible rate cut from the Federal Reserve. This morning crude oil is trading at $53.53, up 72 cents (1.4%) from Friday’s […]
The fuel industry tends to be seen publicly as a necessary evil. Fuels are dirty, pollute the environment, and make up 26% of U.S. greenhouse gas (GHG) emissions. Fuel companies have a bad reputation, and trucking companies—along with all the other fuel consumers like waste companies, construction, rail, and more—are associated with the negative image […]
