Weak Chinese Oil Imports Weigh on Market

This morning, US crude oil prices are trading flat as traders continue monitoring new COVID-19 variants. Crude opened at $72.18, diesel at $2.1358, and gasoline at $2.2952. Markets are still locked in the continuing pattern – selling off due to COVID variants, then traders buy the dip and cause a surge in pricing. Traders are […]

China’s Digital Yuan – Does It Matter to Oil Prices? (Hint: Yes)

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, […]

China’s Iran Oil Purchases Dilute Oil Supplies

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, […]

China Demand Tumbles, Iran Boosts Output

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 […]

Week in Review – January 22, 2021

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 […]

Moderna Vaccine Boasts 95% Efficacy, Easier Logistics

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 […]

China Increases Quota by 20% for 2021

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 […]

Market Weighs Storm Effects Versus Downgraded Forecasts

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 […]

Mid-Week Review – September 2, 2020

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 […]

Multi-Year Record Data Restores Hope of V-Shaped Recovery

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 […]

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote