Vaccine News Sparked this Multi-Week Rally

On Tuesday, WTI crude closed higher as the vaccine rollout continues and hopes for another round of economic stimulus in the US grows. The market is giving back some of those gain this morning even in the face of favorable inventory news from the API. The rally that the market has been on began in […]

Mid-Week Review – January 13, 2021

Oil prices rise to near 1-year highs on vaccines, stimulus, and Saudi Arabian production cuts Oil prices rose on Wednesday to close to 1-year highs, as data hinted at stronger demand, while more stimulus and production cuts brightened the outlook. It is a remarkable turnaround for oil prices, after demand tanked during the first wave […]

Hope for Third Round of Stimulus is Growing

Crude closed up only a penny yesterday but is hitting 11-month highs this morning. The continuation of last weeks’ rally based upon voluntary production cuts from Saudi Arabia and a weaker dollar is helping to lift markets. In addition, the easing of coronavirus restrictions and the ensuing uptick in travel and economic activity along with […]

Week in Review – January 8, 2021

It’s certainly been a crazy week, filled with headlines with direct implications for oil fundamentals. This week brought a major oil production announcement, a political shift in the US Senate, and violent protests at the US Capitol. Let’s break down some of the top headlines this week and the impact on oil 1. Saudis Announce […]

New Multi-Month Highs as Markets Continue Rally

Oil markets are rallying this morning despite an absence of “new” news to provide incremental tailwinds. Indeed, the news may even be considered as a bearish factor, with Tokyo and Quebec each enacting restrictions to curb new COVID-19 cases. But the scale of the news this week has been lifting financial markets across the board, […]

Is the Vaccine Rally Finished?

Crude closed sharply lower on Monday as a new strain of COVID-19 was discovered in the United Kingdom. The new strain is more highly transmissible than current known strains of the virus. In response to the discovery, more than 40 countries have banned arrivals from the UK. The fear of the new strain of the […]

New COVID Strain Spooks Markets

After once again setting a multi-month high on Friday, crude oil is trading steeply lower this morning on news of a new strain of coronavirus in England. The new strain is reportedly up to 70% more transmissible, though scientists have thus far seen no signs that it’s more deadly or will react differently to recently […]

Fuel Prices Rising Faster Than Crude

Oil prices are revisiting their nine-month highs after closing just slightly below their high on Friday afternoon. With vaccines finally being distributed in the world’s largest consumer market, fuel markets are getting a solid lift. In fact, rising consumer optimism is causing fuel prices to rise even faster than crude oil gains. Fuel markets are […]

Yemeni Houthi Rebels Attack Saudi Oil Facility

Crude closed higher yesterday on the latest news of another effective vaccine. Crude is continuing its gains this morning as Middle East conflict rears its head in the form of a missile attack on Saudi Aramco facilities in the Saudi port city of Jeddah. Yemen’s Houthi rebels fired a Quds-2 cruise missile at a Saudi […]

Market Waiting on Clues from OPEC+

Crude closed up sharply yesterday on news of a second coronavirus vaccine with 95% efficacy. The vaccine, made by Moderna, is also more stable and can be stored at regular freezer temperatures unlike Pfizer’s vaccine which requires special low temperature storage.  The market is giving back some of those gains this morning ahead of news […]

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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