Crude Stockpiles Fall While COVID Cases Climb

The rise in COVID-19 cases has not put a damper on the United States oil demand. According to the American Petroleum Institute (API), United States crude oil stocks saw a draw of 4.7 million barrels for the week ended July 23. This increase in demand has come while the overall number of COVID cases has […]

Oil Bulls Are Exiting Market, Prices Prove Resilient

In the absence of news, oil prices are continuing a choppy sideways trade, with brief surges up and down but no clear trend. Federal officials are reportedly reviewing the need for updated mask guidance. The CDC tightening its mask recommendations could renew consumer fears of exposure, which could, in turn, dampen demand. Although market prices […]

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 […]

The (Eroding) Line in the Sand for Oil Prices

On Monday, we saw the most significant single-day drop in oil prices in 10 months. Many analysts suggest this has to do with the fear that new coronavirus variants will again bring a pause to travel, in turn heavily impacting fuel demand. Today prices fell again, with crude opening at $66.60. This was the lowest […]

Oil Near Multi-Year High as Countries Loosen Restrictions

Oil prices are continuing their vaccine bounce this morning, pushing above $65 while fuel prices are setting fresh multi-year highs as well. The European Union is working on loosening restrictions for vaccinated travelers in time for the summer tourism season. Simultaneously, US areas like New York are also unwinding tight restrictions. Although cases are rising […]

Week in Review – April 30, 2021

Oil prices climbed higher throughout the week, and one bank sees it as the start of a broader rally. Goldman Sachs is calling for crude oil prices to rise more than 10% over the next few months as oil demand climbs back to pre-COVID levels and interest rates remain low. In addition, the US’s relative […]

OPEC Maintains Supply Increases Despite India Slowdown

Despite a mixed API report, crude oil markets gained nearly a dollar per barrel yesterday, and the gains are continuing this morning. The CDC loosened guidelines on mask-wearing in the US, saying that mask-wearing outdoors was unnecessary except in crowds and that fully vaccinated individuals can assemble indoors without masks. The measure adds confidence that […]

Mid-Week Review – April 28, 2021

Oil Prices Climb As OPEC+ Holds Firm on Output Cuts The OPEC+ group will not hold a full ministerial meeting on Wednesday as planned, delegates at the Joint Ministerial Monitoring Committee (JMMC) agreed at their meeting on Tuesday, signaling confidence in the current plans to ease the production cuts as of May despite surging COVID […]

EIA: Bearish Crude Builds, But Gasoline Demand Near 2019 Levels

Oil prices moved slightly lower again yesterday, influenced by a surprise crude build that weakened trader sentiments. Positive comments related to US-Iran negotiations, which are happening indirectly in Vienna, are putting downward pressure on the market. The US lifting sanctions on Iran would enable nearly 2 MMbpd of oil to hit global markets, offsetting much […]

2021 Hurricane Season to be “Above Average”…Again

Oil trading action is relatively calm this morning, easing from choppy trading earlier this week. Although recent focus has moved to US unemployment claims, Iranian oil hitting the market, and COVID-related restrictions in some countries, there’s still plenty of optimism that demand is recovering. Yesterday, Colorado State University released its first outlook for the 2021 […]

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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