Week in Review – August 28, 2020

This week followed a classic “buy the rumor, sell the fact” pattern, with fuel markets spiking ahead of Hurricane Laura before shedding gains later in the week. From Monday’s opening level to Friday’s, WTI Crude finished the week slightly higher.  The effects of the twin storms hitting the Gulf Coast were priced in early in […]

What If Hurricane Laura Had Been Worse?

Oil prices are trading sideways this morning on light headlines. With Hurricane Laura passed, oil companies are reopening offshore rigs, refineries, and fuel terminals, and so far all indications, fortunately, point to minimal damage. Peak hurricane season is just two weeks away (Sept 10), so markets will continue vigilantly tracking Atlantic conditions. Weather forecasters hinted […]

IEA Downgrades 2020 Demand Forecast

On Wednesday, WTI Crude closed higher on bullish inventory news confirmed by the EIA. Crude and products had draws with crude having a larger-than-expected draw and diesel posting surprise declines as well.  WTI Crude is down in early trading this morning as gains from bullish inventory news are tempered by bearish news coming from the […]

Fuel Demand Anywhere Affects Prices Everywhere

After hitting a four-month high earlier this week, oil markets are dropping again following worldwide reports of sinking demand. In the US, gasoline demand has slowly climbed back to near-normal, but improvements have decelerated. In areas with low infection rate, demand has roughly normalized, meaning further gains won’t come until high-infection areas can also reopen. […]

Week in Review – July 17, 2020

WTI Crude finished the week higher after a choppy week of trading. The OPEC+ meeting on Wednesday dominated the news this week with the cartel deciding to ease production cuts beginning in August as expected. After a few months of 9.7 MMbpd cuts, the group will ramp down cuts to just 7.7 MMbpd. Traders had […]

Economy Recovers as OPEC+ Ease Oil Cuts

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 […]

OPEC+ Meets This Week to Review Oil Cuts

A late-breaking price rally on Friday brought crude oil prices back above the $40/bbl threshold, where they remain this morning despite a downward turn. Rising optimism across all financial markets helped deliver a strong close in equities and commodities last week. In addition, NY fuel prices (the trading point for NYMEX diesel and RBOB futures) […]

Large Crude Draw, Climbing Fuel Demand Bolsters Market

FUELSNews will resume normal publications on July 6. Happy Independence Day!   Oil prices are back above $40/bbl following a bullish EIA report yesterday and positive trends around the country. Despite some brimming rumors of a renewed Saudi price war due to non-compliance of a few smaller OPEC countries, the group posted its lowest month […]

Record-High Inventories Will Continue Pressuring Markets

Oil prices are giving up yesterday’s gains following news that Texas will be halting its re-opening approach due to an uptick in COVID-19 cases. With the economy already teetering following months of quarantine, forecasters worry that fuel demand may once again turn lower. But regardless of the day-to-day news, a looming challenge for markets is […]

Week in Review – June 26, 2020

WTI Crude finished the week lower after a choppy ride throughout the week. The week started off higher as Trump clarified that the US-China trade deal is “fully intact,” after earlier negative statements by White House trade advisor Navarro. EIA inventory news mid-week put downward pressure on markets as crude inventories rose. Also mid-week, IMF […]

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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