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 […]
Yesterday, WTI crude was up 2% on tighter crude supplies from major producers. In addition, coronavirus lockdowns kept easing despite a record rise in cases globally. WTI settled at $40.73/bbl, rising 90 cents (2.2%). Crude prices are up in early trading this morning as White House officials clarified a previously confusing statement saying that the […]
Last week, WTI Crude finished with its fifth straight week of weekly gains. It finished up $1.78 on Friday to close out the week. Crude markets are feeling downward pressure this morning as investors consider demand threats from unrest in the US and deteriorating US-China relations. Also being weighed is the possible continuation of OPEC+ […]
On Thursday, WTI Crude finished higher even in the face of relatively bearish EIA inventory news. This week will mark the first week of losses with the previous four consecutive weeks of gains in crude. Even with this week’s losses, the month of May is on track to finish with over 70% in monthly gains. […]
WTI crude started the short week on Tuesday, trading at levels not seen since early March. Comments from the IEA’s executive director were bullish on demand returning to pre-crisis levels and higher. Souring the rally as the week progressed was OPEC+ news from Russia regarding tapering off production cuts in July. While the original OPEC+ […]
After the first weekly gains in a month, oil markets are still rising despite the latest news on COVID-19. This week, that news is less about health than about politics. Last week, President Trump threatened to impose tariffs on China as punishment for allegedly hiding early information on the COVID-19 threat. This week, the aggressive […]
Crude prices are relatively flat this morning after yesterday’s large drop, the largest drop in almost seven weeks. Investors are trying to gauge the economic consequences of the quickly spreading coronavirus and whether it will become a global pandemic. Goldman Sachs says certain economic metrics appear at least 20% below what is normally seen this […]
Yesterday, oil prices reached their highest level this month as US sanctions on Russian oil company, Rosneft, and unrest in Libya added more uncertainty and concerns for the global crude supply. Crude prices are up this morning on optimism that China will enact economic stimulus to soften the demand destruction caused by the coronavirus. Chinese […]
Waiting on an IMO Diesel Spike One of the widely-held expectations concerning the International Maritime Organization’s (IMO) 2020 sulfur cap on marine fuels was that the price of gasoil/diesel would spike in the opening months of 2020, as demand for gasoil in the bunker market would strain existing supplies and push prices higher. Six weeks […]
Pandemic threats are keeping markets on high alert this morning, and prices are plummeting out of fear that demand may grind to a standstill in China. With concerns escalating, we’ll focus today on review what a coronavirus is and why it’s impacting oil markets: What Is a Coronavirus? The coronavirus is actually a family of […]
