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 […]

Week in Review – November 13, 2020

WTI crude finished the week higher on news of an effective coronavirus vaccine from Pfizer.  In late trials, the vaccine is 90% effective at stopping the transmission of the coronavirus. Traders read the news as a return to normalcy and a sign of future increased demand for fuel. Although the future is hopeful, near-term health […]

Diesel Strength Suggests Higher 2021 Fuel Prices

Oil prices are dropping this morning following a bearish EIA report yesterday – at least, bearish for crude. The EIA reported a large surprise inventory build for crude, which sent the market tumbling. With COVID cases rising around the world, traders interpreted the drop as a bearish foreshadowing of the rest of winter. Still, fuel […]

IEA Downgrades Demand Forecast

WTI crude experienced three straight days of gains this week after news of a vaccine from Pfizer with over 90% effectiveness came to light. The vaccine news built hope for traders in a possible return to normalcy and a world without lockdowns and travel restriction.  Traders connected the dots between vaccine success and rising future […]

OPEC Revises Demand Forecast and Pledges Support of Market

On Tuesday, WTI crude closed higher continuing gains from the news of a successful coronavirus vaccine.  In addition, bullish inventory news and reaffirmations from Saudi Arabia and OPEC of willingness to keep crude markets balanced are helping to lift markets this morning. In a report from OPEC, they stated that they expect world oil demand […]

OPEC Willing to Act Soon if Needed

Crude closed over 8% higher yesterday on news of successful trials of a coronavirus vaccine by Pfizer. The vaccine was reported as being 90% effective and oil markets responded positively. Crude is continuing gains this morning as markets wait on inventory news for the week. The news of the vaccine gave oil traders hope that […]

Contested Election Likely, Markets Move Lower

Crude is lower in early trading this morning, continuing yesterday’s losses. Prolonged uncertainty in the US election is weighing on markets as Trump is suggesting the election process is not playing out fairly. Trump has begun filing lawsuits in several states to remedy what he believes are illegal practices in the election process. So far […]

Crude Market Waiting on Election Results

On Wednesday, WTI crude and US equities closed higher as markets embraced a likely divided government instead of the predicted “blue wave” that was expected. With a government that will have branches blue and red there is less of a chance of increased corporate taxes or government restrictions on business that could have been the […]

Rising Infections, Falling Market

On Wednesday, WTI crude followed US equities lower on a host of bearish news.  Losses continue this morning on failing confidence of economic recovery due to a resurgence on coronavirus cases in the US and Europe. France and Germany are instituting a second wave of lockdowns to stem the rising tide of infections in their […]

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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