Inventories Drop to Lowest Levels Since January 2020

This morning oil prices rose as yesterday’s report of crude oil stockpiles falling spread through the market. According to reports, the U.S. stockpiles fell to their lowest since January of 2020. While it seemed that oil prices were stalling in their rally, the across-the-board draw gave markets another boost. Crude opened the day at $72.40, […]

Saudis and UAE Agree on OPEC Production Deal

Oil prices are turning lower this morning, following news that OPEC may finally be near an agreement to increase production for the remainder of the year. Saudi Arabia and the UAE have been at odds for the past two weeks, derailing members’ consensus to increase output by 400 kbpd each month between now and December. […]

OPEC+ Meets July 1 to Review Iran, Global Demand Trends

This morning, oil prices dropped, a reaction to prices hitting a new two-year high earlier this week. Today crude opened at $73.28, diesel at $2.1606, and gasoline at $2.2684. Lower prices early this morning are showing investors that higher demand, coupled with slow supply increases by OPEC+, could send prices in a positive direction. The […]

Crude Draw Spurs Higher Crude Prices, but Crack Spreads Fall

Oil prices were mixed early this morning, following last night’s API inventory data. The organization showed crude inventories falling by over 8 million barrels – more than double the expected draw. On the flip side, fuel inventories rose by more than expected. This morning, the EIA’s data confirmed yesterday’s outlook, with a steep crude draw […]

Mid-Week Review – June 16, 2021

Oil Prices Climb On Huge Inventory Draw The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of 3.290 million barrels for the week. In the previous week, the API reported a draw in oil […]

A Bad Day for Pipelines

Today is a bad day for pipelines. The Colonial Pipeline, the main line supplying the East Coast with gasoline, diesel, and jet fuel, remains offline – more on that below. Today, the Enbridge Pipeline faces a critical deadline. The line transports crude oil from western Canada down to Sarnia, Ontario (passing through Minnesota, Wisconsin, and […]

EIA Raises 2021 Forecast for WTI

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 […]

Bullish and Bearish News Offset Each Other

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 […]

Large Crude Build Can’t Dampen Vaccine Optimism

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. […]

All Eyes on OPEC+ Meeting Today

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 […]

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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