Oil continued its streak of closing near $59/bbl, which has continued since April 6. Markets are caught in a holding pattern – news continues circulating around OPEC+ raising production, COVID lockdowns, and vaccine deployments. Strong demand data from China is providing support for prices this morning, as markets focus on fundamentals over headlines. The headlines, […]
Yesterday saw a hefty selloff for oil products, but a late-day buying spree for crude oil held the product to just 20 cent/bbl losses. Refined products saw steeper losses, with diesel shedding 2 cents and gasoline prices tumbling almost 5 cents. Recent reports have revealed that China is ramping up purchases of sanctioned Iranian oil, […]
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 […]
Financial markets are soaring this morning on news that a second COVID-19 vaccine, manufactured by Moderna, is 94.5% effective in preventing infections. Recently, Pfizer announced their treatment was 90% effective. Typical vaccines such as the flu vaccine are just 40-60% effective, so high efficacy suggests better results once vaccines are approved and deployed. The Pfizer […]
Crude closed higher yesterday and is continuing its gains in early trading this morning. News out of China of increased quotas for next year and OPEC+ chatter around continuing supply cuts into the first quarter are helping to lift markets this morning. China’s Ministry of Commerce announced a 20% increase in the quota for use […]
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 […]
