WTI crude closed lower yesterday on news of a growing number of coronavirus cases in China and more stringent lockdown measures and restrictions in Europe. The market continues to feel downward pressure as the EIA reports builds in products from last week. In the EIA Short Term Energy Outlook (STEO) for January, the EIA forecasts […]
WTI crude closed higher yesterday on the news of Saudi supply cuts and the hope for additional economic stimulus due to the Senate races’ results in Georgia. Both Senate seats went to Democrats, giving them a majority in the Senate and increasing the chances of another round of coronavirus stimulus. The market is relatively flat […]
WTI crude closed relatively flat yesterday even in the face of bearish inventory news reported by the EIA. A massive increase in crude stocks could not dampen the optimism generated by the beginning of the rollout of the coronavirus vaccine to the public. Crude is up in early trading this morning as vaccine optimism continues. […]
WTI crude closed higher yesterday on EIA inventory news that was more bullish than what the API reported. The API expected a large build in crude, but the EIA reported a small draw. Products had a seasonally expected increase as refiners build stocks in preparation for the spring and higher future demand. Crude is trading […]
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 […]
On Wednesday, WTI crude was down sharply on news from the EIA of a surprise build in gasoline stocks which is a proxy for gasoline demand. Rising coronavirus cases in the US and Europe are causing concern around a second wave of lockdowns and restrictions putting a dent in demand recovery. According to the EIA, […]
Prices whipsawed yesterday, plunging by a dollar early in the day before rising following the EIA’s bullish inventory report. By the end of the day, prices closed less than 10 cents off from Wednesday’s closing level. This morning, prices are trading slightly lower, with gasoline leading the way. The EIA’s weekly report showed a crude […]
WTI crude finished the week slightly higher while products finished lower by a small margin. A trifecta of rebounding supply caused a moderate selloff on Monday. On Sunday, US workers began returning to Gulf platforms that had been evacuated ahead of Hurricane Delta. In Libya, force majeure was lifted from its largest oil field, Sharara; […]
On Wednesday, WTI crude closed near the $40 mark on the hopes of a narrow stimulus deal being passed as had been proposed by President Trump. While negotiations have stalled for a large, broad stimulus package, the hope is that a small targeted deal could be passed before the election. Crude is up in early […]
On Wednesday, WTI crude closed up slightly following equities higher. Bullish inventory news from the EIA and weakness in the dollar helped to lift crude above the $40 level. Crude is giving back those gains in early trading this morning. WTI Crude climbed 2.4% on Wednesday after the EIA reported that domestic crude had a […]
