Yesterday, crude dropped to 18-year lows on bearish demand news from the IEA and on bearish inventory news from the EIA. WTI & ULSD futures extended their losses after the IEA forecasted a record 29 million bpd decline in global oil demand due to the COVID-19 pandemic quarantine efforts. The EIA also reported a record […]
Yesterday, WTI crude started the day up about a dollar after the news of the historic cuts by OPEC+. Skepticism of the deal began to sway the market and the weight of crude demand destruction finally overshadowed the supply cuts as the market closed the day slightly lower. Prices continue lower this morning even as […]
Oil prices are reversing last week’s gains amid further deterioration in US trade relations, with both China and the EU. Crude oil is currently trading at $53.36, down 42 cents. Fuel is also down this morning. Diesel is trading at $1.9347, a loss of 1.2 cents. Gasoline is also lower, trading at $1.6059, down 1.7 […]
