Yesterday, crude prices finished the day at 10-week highs after seeing some downward pressure when the EIA reported inventory numbers. While crude had a surprise draw, products both built more than expected. The bulls won out as the crude market closed with strength. Markets are seeing an uptick in demand across all products as the […]
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 […]
Oil markets are on track to set a multi-month record with a 5-day up streak if current trends hold. With the OPEC+ price war in the rearview mirror, markets are more comfortable bidding up prices despite weak demand. Inventory builds this week are expected to be smaller than recent builds, and demand seems to be […]
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, […]
The last week of crude oil prices may go down in history as the most unique week, ever. Besides setting the largest one-day price drop in history (both by percent and by dollars), crude oil futures showed that $0/bbl is not the lower limit for oil markets. Whether this week’s negative oil prices become an […]
Yesterday, crude prices rallied in the afternoon to close the day higher. This rally came about even in the light of bearish inventory news coming from the EIA with the 13th straight week of weekly crude builds. Prices got a jolt from increased US-Iran tensions escalated by a tweet from Trump. In early trading this […]
Yesterday, crude dropped to 18-year lows on bearish demand news from the IEA and on bearish inventory news from the EIA. WTI & ULSD futures extended their losses after the IEA forecasted a record 29 million bpd decline in global oil demand due to the COVID-19 pandemic quarantine efforts. The EIA also reported a record […]
Yesterday, crude prices finished down but slightly stronger than the morning on news that Russia would not increase production into next month. Crude oil futures have jumped this morning by over 20% after President Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war. Trump said […]
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 […]
