Yesterday, bullish inventory news reported by the EIA began a small rally that was quickly overcome by more pessimistic coronavirus news as the market digested a rise in new coronavirus cases outside China fueling fears of a pandemic that could slow the global economy. This morning crude prices are lower, falling to their lowest levels […]
In a continuation of yesterday’s gains, crude prices are higher this morning. Markets continue to consider possible further cuts by OPEC+ as OPEC’s Monthly Oil Market Report is released this morning. OPEC’s estimate of 2020 demand growth has now been revised down by 0.23 mmbpd to +0.99 mmbpd versus the EIA also revising demand growth […]
The crude market was relatively flat for the week, a reprieve from the large ups and downs seen over the last few months. Markets were mainly focused on the signing of the Phase One trade deal between the US and China, though after months of conversations most of the effect had already been priced into […]
Crude is recovering from yesterday’s losses with modest gains in early trading Thursday morning. WTI Crude is trading up this morning at $58.17, a gain of 36 cents. Fuel is mixed but relatively flat in early trading this morning. Diesel is trading at $1.8667, a loss of 1.1 cents. Gasoline is trading at $1.6413, a […]
For all the talk about IMO 2020, markets seem to be adapting quite well to the massive change which affects roughly 4% of the world’s oil demand. The regulation officially went into effect yesterday, requiring that all marine vessels switch from using 3.5% sulfur fuel to 0.5% sulfur fuel. While marine fuel prices have seen […]
OPEC rumors and bullish inventory news are lifting the markets. WTI Crude is trading at $58.83, a gain of 40 cents. Fuel is up in early trading this morning. Diesel is trading at $1.9373, a gain of 1.4 cents. Gasoline is trading at $1.6228, a gain of 1.9 cents. On Wednesday, crude prices rose more […]
A larger-than-expected draw reported by the API seems to be putting upward pressure on crude markets this morning. WTI Crude is trading at $57.15, a gain of $1.05. Fuel is up in early trading this morning. Diesel is trading at $1.9144, a gain of 3.5 cents. Gasoline is trading at $1.1.5934, a gain of a […]
The turkey hangover seeped into markets on Friday, bringing the largest price drop since October. WTI crude gave up just shy of $3/bbl, falling from over $58/bbl to just above $55/bbl. This morning, prices are rallying back once again. Crude oil is trading at $56.39, up $1.22 cents. Fuel prices also crashed lower, with diesel […]
Oil prices were brought to a crescendo yesterday, leading to the highest closing price for crude oil since September. That said, prices remain within the trading range we’ve seen for most of the year, between $50-$60/bbl. Crude oil this morning is trading at $58.63, up a nickel from yesterday’s 2-month high. Fuel prices also got […]
The crude market was up for the week. The market was down to start the week as it dealt with pessimistic trade news. In addition, Russia had announced it was against deeper supply cuts. The oil complex seemed to ignore any bearish news to end the week and it surged higher on even the slightest […]
