In the face of the Silicon Valley Bank failure, fuel prices are a bit lower but have also shown a bit more strength than crude oil. Crude oil is trading near the bottom of its recent trading range, slumping to $73/bbl after two days of losses. Uncertainty about the SVB bank closure, mixed with surprising […]
After the market hit 9-month lows last week, this week brought a return to elevated prices. Crude oil rose back above the $80/bbl level, and diesel prices lept thirty cents above last week’s low. As has been the case for the past few months, the shifting focus from economic woes to physical fuel tightness has […]
Welcome to our continuing FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about the market and what drives it. Why do the decisions of one organization create ripples throughout oil markets, causing prices to double or halve over time? Well, when […]
This week saw a general downward trend, with a variety of bearish headlines keeping markets suppressed. The economy remains the focal point, with Europe, particularly under scrutiny. High energy costs and sanctions have severely harmed European manufacturing and services, slowing growth. In the US, high fuel costs have caused demand to plummet – for the […]
After a long trading holiday for US markets over the July 4 weekend, prices are trading sharply lower as traders continue pricing in the risk of an economic recession. Also contributing to the downward market is the return of 450+ thousand barrels per day (nearly 0.5% of global supplies) from Ecuador, where protests have ended […]
Oil prices are rising on reported damage to the Caspian Pipeline Consortium (CPC), impacting Russian and Kazakh oil exports. Stormy weather in the Caspian Sea damaged the pipeline, which pumps out 1.2 million barrels per day (bpd) to the Black Sea for global distribution. Repairs are expected to take over a month. Approximately 85% of […]
Today, oil prices continue to rise over 4% despite an unexpected crude inventory hike. Investors are buying the dip, capitalizing on low prices in the hopes that prices will continue their march higher over the next few months. Rising prices are somewhat counter-intuitive, given yesterday’s bearish inventory data. Crude oil inventory levels rose Wednesday for […]
Oil prices slid by $1.35 yesterday (-3.3%) after the US Commerce Department reported the largest single-quarter GDP drop in history: -32.9% on an annualized basis. The news was not a surprise (CNBC reports that markets were expecting a 34.7%) drop, but it still cast shadows over traders by highlighting just how dismal the economy has […]
WTI Crude finished the week lower as the coronavirus pandemic continues to weigh on the economy. A recent surge in cases across the country caused a rollback of reopening plans and rekindled fears of demand concerns in the crude market. In inventory news, a large surprise draw of 10.6 MMbbls reported by the EIA barely […]
For all the talk about IMO 2020, markets seem to be adapting quite well to the massive change which affects roughly 4% of the world’s oil demand. The regulation officially went into effect yesterday, requiring that all marine vessels switch from using 3.5% sulfur fuel to 0.5% sulfur fuel. While marine fuel prices have seen […]
