Crude Falls Even as Job Gains Rise

Oil markets tested the $40/bbl threshold yesterday as WTI crude hit $40.22, the lowest oil has traded intra-day since August 4. The product recovered to settle above $41, but traders are closely watching to see if the commodity will break below this key psychological threshold. Today, oil markets are lower once again despite this morning’s […]

Week in Review – September 4, 2020

WTI crude finished the week with losses as sentiment weakens among traders. The effects of Hurricane Laura spilled over into the beginning of this week to buoy prices with decreased production from the Gulf.  Rigs were slow to bring back production from the storm, and Gulf Coast refineries continued operating at lower utilization rates after […]

US Dollar Provides Oil Tailwinds

Oil prices slid by $1.35 yesterday (-3.3%) after the US Commerce Department reported the largest single-quarter GDP drop in history: -32.9% on an annualized basis. The news was not a surprise (CNBC reports that markets were expecting a 34.7%) drop, but it still cast shadows over traders by highlighting just how dismal the economy has […]

Week in Review – July 31, 2020

WTI Crude finished the week lower as the coronavirus pandemic continues to weigh on the economy.  A recent surge in cases across the country caused a rollback of reopening plans and rekindled fears of demand concerns in the crude market. In inventory news, a large surprise draw of 10.6 MMbbls reported by the EIA barely […]

Congress Debates $1 Trillion Stimulus

Yesterday, WTI crude closed up slightly on hopes of a new round of stimulus measures being discussed in the US.  A monetary injection into the economy in the form of another stimulus package would give a jolt to the wavering economy as it oscillates between gains and losses due to coronavirus fears.  In the crude […]

Stimulus and Fed Meeting Will Dictate Week’s Trading

Oil markets are seeing light activity this morning following Friday’s news of the first weekly increase in US oil rig counts since March. The US economy is in focus for oil markets today, as two major releases are expected this week. First, Senate Republicans today will unveil their latest economic stimulus package, which most expect […]

Oil Falls as Coronavirus Cases Surpass 10 MN

Yesterday, WTI crude finished higher, buoyed by some recovery in energy demand. The market saw positive economic news coming out of China over the weekend, with industrial profits in May up 6% from a year earlier, representing the first increase in 2020. In the US, better than expected housing data helped to lift markets on […]

Despite Strong Economic Data, Markets Fear Second Wave

On Tuesday, WTI Crude rose steadily, tracking with U.S. equities.  Retail sales numbers crushed expectations and drove markets higher.  In addition, the Trump administration announced further stimulus measures, and Fed Chairman Powell discussed the Fed’s plans for buying corporate bonds to support the economy.  Prices are retreating in early trading this morning after a bearish […]

Week in Review – June 12, 2020

WTI crude opened the week higher on the extension of deep OPEC+ production cuts through July. However, putting a cap on gains was news that the additional reductions by Saudi Arabia and its allies beyond OPEC+ quotas would not be extended.  By mid-week, several headlines moved markets lower for the week. The National Bureau of […]

Second Wave Causes Sell-Off, EIA Maintains Bearish Outlook

Markets are stabilizing this morning after heavy losses spread throughout financial markets. Crude oil fell by over 8%, while the Dow Jones Industrial Average dropped by nearly 7%. Behind the sell-off is a rising COVID-19 incident count in many states, which could lead to a second round of lockdowns in the future. On the positive […]

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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