More Volatility from Suez Canal, OPEC Meeting, and COVID

Oil price volatility continues this week, with huge up-and-down movements for oil prices each day. Yesterday, oil prices once again plummeted, approaching Tuesday’s low closing level. Some of the volatility is driven by the Suez Canal blockage. There are ships on both sides trying to pass through, and a surprise tanker delivery (or a decision […]

New Single-Shot Vaccine Shows 72% Efficacy in US

Oil markets are rising higher this morning, supported by a new Johnson & Johnson vaccine reaching the end of clinical trials. Although the efficacy appears to be just 72% in the US (and lower against the South Africa variant), it only requires a single jab, making its logistics far less complex than the Pfizer and […]

Week in Review – January 29, 2021

This week was full of price swings, but none of those swings resulted in a meaningful trend for the week. The oil market seemed to be taking in new political news carefully, tucking it away rather than acting on it. This week certainly wasn’t short on political news – from stimulus deal fighting to Biden […]

Yellen: “Act Big” on Stimulus Deal

Oil prices are continuing yesterday’s rally, with all eyes looking towards the Inauguration Ceremony in Washington DC. Traders continue hoping for stimulus to lift economic prospects. Treasury Secretary Nominee Janet Yellen, former chair of the Federal Reserve, stated yesterday that Congress should “act big” in its legislation. Yellen argued that low interest rates would keep […]

Mid-Week Review – January 20, 2021

Saudi’s oil cuts appear prophetic as market risks grow For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that — rather than restore halted production as planned — it would slash supplies by a further 1 […]

New Multi-Month Highs as Markets Continue Rally

Oil markets are rallying this morning despite an absence of “new” news to provide incremental tailwinds. Indeed, the news may even be considered as a bearish factor, with Tokyo and Quebec each enacting restrictions to curb new COVID-19 cases. But the scale of the news this week has been lifting financial markets across the board, […]

New COVID Strain Spooks Markets

After once again setting a multi-month high on Friday, crude oil is trading steeply lower this morning on news of a new strain of coronavirus in England. The new strain is reportedly up to 70% more transmissible, though scientists have thus far seen no signs that it’s more deadly or will react differently to recently […]

Yet Another Vaccine Boosts 2021 Outlook

Oil prices are rising this morning following yet another vaccine, Oxford-AstroZenaca, announcing results showing an average 70% effectiveness. Behind that average, though, the study found that certain doses were as much as 90% effective. Numerous vaccines mean more producers can work on manufacturing simultaneously, meaning more vaccines available sooner for distribution. The head of America’s […]

Vaccine Hope Shifts Forward Prices Higher

Markets are trading sideways this morning, though remain elevated overall for the week. Markets are wrestling with two conflicting stories – short-term lockdown concerns and long-term hope for a rapid vaccine deployment. The crude oil forward curve, which shows the trading price of crude for each month over the next several years, has narrowed significantly […]

Week in Review – November 20, 2020

WTI crude finished the week higher, starting up on Monday with news of another effective vaccine lifting the market throughout the week. This new vaccine by Moderna reported 95% efficacy rates and a more manageable storage temperature. An inventory build in crude mid-week put downward pressure on the market but could not overcome OPEC optimism […]

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.

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