Last week crude closed the week higher on the potential for deeper OPEC+ cuts and Chinese economic stimulus due to the coronavirus. In early trading this morning the market is giving back some of last week’s gains as markets asses the crude demand decline from the coronavirus versus the stimulus measures being rolled out to […]
Dilemma for Oil Refiners as Surging Ship Costs Kill Margins U.S. sanctions on Chinese shipping companies and Friday’s attack on an Iranian tanker have turbo-charged transport costs, with rates on the Persian Gulf to China route at almost six times this year’s average. Click here to read more from Bloomberg. Russia Aims To Ditch The […]
The crude market was up for the week. The big driver for the week was positive sentiment around US-China trade talks. Some reports suggest that the Chinese would be willing to accept a partial trade deal with the US – possibly increasing annual purchases of agricultural products in order to secure an interim trade deal […]
Reports of the Chinese being willing to accept a partial trade deal are lifting markets this morning. WTI Crude is trading at $53.36, a gain of 73 cents. Fuel is up this morning. The API reported larger-than-expected draws in products are helping to buoy prices. Diesel is trading at $1.9344, a gain of 2.4 cents. […]
