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) […]
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 […]
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 […]
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 […]
On Wednesday, WTI Crude rose sharply from lows after the bullish EIA report came out late morning. However, prices finished the day relatively unchanged yesterday, tempered by the fear of a second wave of coronavirus affecting oil demand and economies around the world. The market continues to move sideways in early trading this morning. Yesterday, […]
Oil near $38 on signs U.S. crude stockpiles expanded Oil retreated to near $38 a barrel after a U.S. industry report signaled a surprise jump in crude inventories, underscoring the market’s patchy road to rebalancing. Click here to read more from Yahoo Finance. Libya’s National Oil Corporation declares force majeure on its largest oil field […]
On Tuesday, WTI Crude finished slightly higher as investors weighed OPEC+ production cut extensions versus broader negative economic sentiment. This morning, markets are down as traders are pricing in bearish inventory news from the API report that came in late yesterday. The EIA’s overall bearish report this morning is also pushing markets lower. Diesel stockpiles […]
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 […]
The crude market is on track to post its third weekly gain, bringing crude prices to their highest level in over a month. With rig counts falling to all-time lows, markets anticipate declining US oil production, which combined with OPEC+ cuts should help bring supply and demand back into balance. Many analysts believe oil markets […]
While oil markets are closely monitoring the return to normalcy for demand, equity markets are turning their attention to US-China tensions, which have continued escalating in recent days. Ths US has been ramping up its military presence in the Indo-Pacific region, conducting training exercises throughout the region and issuing provocative statements of America’s ability to […]
