On Wednesday, WTI crude was down sharply on news from the EIA of a surprise build in gasoline stocks which is a proxy for gasoline demand. Rising coronavirus cases in the US and Europe are causing concern around a second wave of lockdowns and restrictions putting a dent in demand recovery. According to the EIA, […]
WTI crude and products are up somewhat this morning, trading sideways at times as markets consider a growing second wave of coronavirus cases around the world. The US has seen 30,000 to 35,000 new cases per day in September but is now back up to 50,000 daily new cases. These kinds of statistics are causing […]
IEA forecasts a serious, ongoing oil demand hit from Covid-19 After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday. Even in that case, which is the most optimistic scenario for oil considered by […]
On Tuesday, WTI crude closed down $1.31 (-3.2%). The return of nearly 300 kbpd from Libyan oil fields helped to push prices lower. The lifting of the Libyan blockade is currently only temporary – lasting until mid-October – until a final agreement is reached, but the effects of returning supply to the market is significant. […]
Oil Loses Ground Amid Worries About The Pace Of Oil Demand Recovery Oil moved below the $40 level as concerns about the future pace of oil demand recovery weighed on prices. In addition, traders were a bit nervous ahead of the first U.S. presidential debate between Donald Trump and Joe Biden. Click here to read […]
Crude followed US equities lower yesterday, dropping more than 4% to close at $39.31. Markets are still fearful that 1 MMbpd of Libyan supply will deepen the oil glut, with a quarter of that coming online by next week. Additionally, Tropical Storm Beta passing over the Gulf Coast with little supply effect removed some bullish […]
On Wednesday, WTI crude closed $1.88 (4.9%) higher. Supporting prices was EIA inventory news of a surprise draw. Also lifting prices was Hurricane Sally’s effects on production. Crude is giving back some of those gains in early trading this morning. Crude producers are preparing to send crews back to oil platforms in the Gulf as […]
On Tuesday, WTI crude closed higher even after the IEA warned about the pace of economic recovery from the pandemic and downgraded demand forecasts from the IEA and OPEC. A considerable surprise crude draw and the closure of production due to Hurricane Sally are lifting markets this morning. Crude is continuing its gains in early […]
Oil climbs with economic data warding off gloomy demand signals Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in New York state expanded in September at the second-fastest pace since 2018. Click here to read more from Bloomberg. Oil jumps […]
Markets are trading higher this morning with prices supported by concerns over Hurricane Sally hitting the Gulf Coast and an increase in August demand reported out of China. China’s oil demand increased 9.9% in August. Year-over-year demand in China increased 3.29% to 12.54 MMbpd. Hurricane Sally is currently a strong category 1 hurricane with sustained […]
