Markets are trading higher this morning with prices supported by concerns over Hurricane Sally hitting the Gulf Coast and an increase in August demand reported out of China. China’s oil demand increased 9.9% in August. Year-over-year demand in China increased 3.29% to 12.54 MMbpd. Hurricane Sally is currently a strong category 1 hurricane with sustained […]
Oil gains on U.S. stock draw, economic recovery optimism Crude oil futures extended gains on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity fueled optimism of a recovery from the pandemic, boosting investor risk appetite. Click here to read more from CNBC. Saudi cutting oil deliveries […]
On Tuesday, WTI crude closed slightly higher as US equities closed at new record highs and drew crude along with them. The S&P 500 and the Nasdaq reached new record highs yesterday and the Dow added 200 points for the three major indices to close with gains. The rally was spurred by bullish manufacturing data […]
On Tuesday, WTI crude closed higher ahead of Hurricane Laura making landfall in Texas and Louisiana tomorrow morning. Crude is relatively unchanged this morning as the hurricane’s effects seem to have been largely priced into the market. The Phase One trade deal between the US and China is moving forward as planned. On a phone […]
Laura Looms: Gulf Coast Oil Refineries Brace for Cat 3 Hurricane Hurricane Laura is set on a collision course with America’s refinery row. Forecast to grow into a Category 3 storm before landfall early Thursday morning, Laura will strike near the border of Texas and Louisiana. The nation’s biggest refinery, Saudi Aramco’s 600,000 bpd plant […]
On Tuesday, WTI crude remained flat. This morning prices are lower as Congress struggles to agree upon a stimulus package. Also in the minds of investors, Trump postponed trade talks with China, which caused worry of increased tensions between the US and China. In inventory news, the API reported that crude had a moderate draw […]
Oil price fundamental daily forecast – API gasoline build offsets crude oil draw The range is tight and volume is well below average with investors keeping one eye on the key OPEC+ ministerial meeting later in the day, and the other eye on a US government weekly inventories report, due to be released at 14:30 […]
Yesterday, WTI crude closed higher as it followed US equities to end with small gains on the day. The Trump administration released plans to allow drilling in the Arctic National Wildlife Refuge (ANWR), a contentious area which has long been the source of debate between oil lobbyists and environmentalists. Although ANWR was opened up to […]
Yesterday, WTI crude closed higher on better than expected manufacturing data coming from Asia, Europe, and the US. The data would seem to indicate that the worst of the impact from the pandemic is behind us. Crude is continuing to trend higher this morning as it rallies from earlier lows. Isaias made landfall as a […]
Yesterday, WTI crude finished higher, buoyed by some recovery in energy demand. The market saw positive economic news coming out of China over the weekend, with industrial profits in May up 6% from a year earlier, representing the first increase in 2020. In the US, better than expected housing data helped to lift markets on […]
