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 […]
On Wednesday, WTI crude closed $1.88 (4.9%) higher. Supporting prices was EIA inventory news of a surprise draw. Also lifting prices was Hurricane Sally’s effects on production. Crude is giving back some of those gains in early trading this morning. Crude producers are preparing to send crews back to oil platforms in the Gulf as […]
Oil prices are falling once more this morning, sinking close to the weekly lows set on Tuesday. Despite Wednesday’s bounce, oil prices have spent the rest of the week in the red as markets fear increasing production and sliding demand. Today’s article focuses on some of the on-going fundamental factors pushing oil lower. The EIA […]
WTI crude finished down for the week. The week started with a precipitous drop on news from Saudi Arabia of a cut in price on August Arab Light crude, which traders took as a sign of lowered demand coming out of Asia and especially China. Crude followed the choppy ride of US equities this week […]
On Wednesday, WTI crude followed US equities to close higher. Bearish inventory news coming from the API pared gains. A surprise build in crude and diesel reported by the API is pushing prices lower in early trading this morning. According to the EIA Short-Term Energy Outlook: “despite expected inventory draws in the coming months, EIA […]
On Wednesday, WTI crude closed lower despite new records set in US Equities and a bullish inventory report given by the EIA. The price decline came on the news from the EIA of falling gasoline demand which caused concern among traders of a slowing recovery. The report showed US gasoline demand last week fell to […]
