On Tuesday, WTI Crude closed higher on news of a large inventory draw reported by the API. Crude prices continue to rise in early trading today on the bullish inventory news as traders await confirmation from the EIA later this morning. The crude rally would seem to indicate inventory data is being weighted more heavily […]
Low Oil Prices Will Boost Consumption Without a doubt economic growth and income are the primary drivers of oil consumption, but price is the most important secondary element. It’s not that a price crash will encourage consumers to leave their cars running in the driveway, but on the margin, it will make them less inclined […]
On Wednesday, OPEC+ agreed to ease oil supply curbs that occurred in August, in turn dropping oil prices. As the economy tries to rebound from the COVID-19 pandemic, there are fears that the virus could unleash a second wave and compromise the slowly rebounding market. Since May, OPEC+ have cut output by around 10% of […]
April Shows Record Crude Inventory Increase No surprise, April was a pretty rough month for the petroleum industry. Demand plummeted, prices turned negative, and inventories swelled. As it turns out, inventories actually rose faster than they ever have, adding 47 million barrels (+10%) in April. Click here to read more from the EIA. Russian […]
Oil markets are rising gently this morning after yesterday brought no change in price direction. This week the market will be sharply focused on July 4 demand data. Each year, millions of consumers hit the roads to see family and friends and gather for fireworks; this year, many of those plans were cancelled. The EIA’s […]
For a thorough overview of both market and procurement trends in fuel markets, tune into Mansfield’s webinar tomorrow: The New Normal of Fuel. We’ll have a live Q&A, and you can send questions to info@mansfieldoil.com ahead of time to hear them answered during the webinar. The webinar will cover two key topics: What is happening […]
Oil is trading sideways this morning following a long Independence Day holiday weekend for US traders. Declining oil production is counteracting the rising COVID-19 cases, keeping markets in limbo. US active oil rig counts continued their decline, falling to just 185 rigs according to Baker Hughes data released on Friday. Including natural gas rigs, total […]
Yesterday, WTI crude tracked with US equities to finish the session higher. Prices continue to advance in early trading this morning based upon better OPEC+ compliance by cartel members with record production cuts. The International Energy Agency (IEA) increasing demand forecasts for 2020 is also moving markets today. In its monthly report, the IEA forecast […]
On Wednesday, WTI Crude saw choppy trading action, but ended up relatively flat. Today prices are retreating from three-month highs on news of disunity among OPEC+ members regarding extending production cuts. While Saudi Arabia and Russia have reached a preliminary agreement, momentum is being disrupted by cheating by Nigeria and Iraq. OPEC cheating has been […]
Last week, WTI Crude finished with its fifth straight week of weekly gains. It finished up $1.78 on Friday to close out the week. Crude markets are feeling downward pressure this morning as investors consider demand threats from unrest in the US and deteriorating US-China relations. Also being weighed is the possible continuation of OPEC+ […]
