On Tuesday, WTI crude closed higher on positive demand news out of China and positive supply chatter from OPEC+. In early traing this morning markets continue to rise even in the face of uncertain US Election results. Votes continue to be counted in a tight US election in which Biden has a small electoral vote […]
Forget Fracking, Oil Stocks Will Likely Move More On These Factors Post-Election Whoever wins the presidential election will help shape the U.S. energy industry long term, but the victory will have less impact on oil stocks in the near term as weak demand during the coronavirus pandemic weighs on oil prices. Click here to read […]
On Tuesday, WTI Crude started the morning strongly but dipped in the afternoon session to close the day 1.5% lower. Crude prices are up in early trading this morning on bullish inventory news from the API of a much larger-than-expected draw in crude stocks. Traders are taking the report as a signal of rising demand. […]
Oil slips slightly on rising coronavirus cases, returning Libyan supplies Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. Click here to read more from […]
Brent climbed above $40 for the first time in 3 months on hopes of extended production cuts The world’s biggest oil producers are expected to meet as early as Thursday, according to Reuters which cited sources as saying OPEC+ members may bring forward a meeting originally scheduled for June 9-10. While Russia and other members […]
On Tuesday, WTI Crude jumped higher on news that Saudi Arabia and Russia reached a preliminary agreement to extend the current supply quotas for another month before tapering back cuts. A bullish API inventory report also helped to lift markets. Crude is down in trading this morning after yesterday brought prices to their highest levels […]
On Tuesday, WTI Crude finished a quiet day up about 50 cents to close out the June contract with gains on the books. Oil prices have been on an upward trend for the past three weeks – spurred by increasing demand and OPEC+ production cuts. This morning we are seeing prices lifted by a bullish […]
On Tuesday, WTI Crude finished the day up. It spiked mid-session on the news that OPEC+ may keep supply cuts in place past June. Crude prices are flat this morning, as traders weigh possible OPEC+ plans to deepen supply cuts against demand concerns made worse by a possible second wave of coronavirus infections as countries […]
Oil inventories soar yet again despite demand rebound The American Petroleum Institute (API) estimated on Tuesday another sizeable crude oil inventory build, of 7.58 million barrels for the week ending May 8, even as several U.S. states begin the slow process of reopening specific segments of their battered economies. Click here to read more from […]
Yesterday, crude prices advanced sharply on bullish inventory news confirmed by the EIA. A smaller -than-expected build in crude stocks and a surprise draw in gasoline inventories helped move prices higher. Further supporting the rally in oil, the US Equities market rallied on news of a potentially useful drug treatment for the coronavirus. In addition, […]
