Fifth Consecutive Down Day for Crude

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 […]

OPEC and EIA Revise Down Demand Growth

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 […]

Week in Review – January 17, 2020

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 […]

Markets Recover from Very Large Product Builds

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 […]

IMO 2020 Hits, Diesel Prices Steady

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 Meeting, Saudi Threats

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 […]

Markets Move on Inventory News and Hope of Supply Cuts

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 […]

Prices Rebound after Huge Drop on Friday

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 […]

Markets Leap Despite IMO 2020 Fears Subsiding

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 […]

Week in Review – November 22, 2019

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 […]

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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