On Wednesday, WTI Crude closed slightly higher. Crude stocks had a large surprise draw of 10.6 MMbbls, which helped to lift markets. Also lifting markets yesterday was news from the Fed. Crude is down in early trading this morning as demand worries once again overshadow positive news. As expected on Wednesday, the Federal Reserve held […]
On Wednesday, WTI Crude fought its way back from nearly $1/bbl down to finish the US session unchanged. In early trading this morning, crude prices are down slightly as investors consider the surprise increase in crude and diesel inventories. Russian President Vladimir Putin gave his government the green light to consider hedging Russia’s oil and […]
On Wednesday, OPEC+ agreed to ease oil supply curbs that occurred in August, in turn dropping oil prices. As the economy tries to rebound from the COVID-19 pandemic, there are fears that the virus could unleash a second wave and compromise the slowly rebounding market. Since May, OPEC+ have cut output by around 10% of […]
WTI Crude finished the week lower after cruising to mid-week relatively flat. Demand concerns early in the week were offset by the EIA increasing the 2021 crude demand forecast by 10% which helped lift markets on Wednesday. While some headlines pointed toward rising prices, the market fell to close the week on mixed inventory news, […]
Wednesday’s EIA report helped break the market outside of its 5-cent range within which it has closed this week, but only just barely. Despite a headline build in crude inventories, the market ended the day roughly 30 cents higher – not even 1% up. After months of 5-10% daily swings, it’s remarkable how calm markets […]
The EIA published its monthly Short-Term Energy Outlook yesterday, and the news is helping to keep prices from sliding amid higher COVID-19 cases. The US yesterday posted another record-breaking day for infections, reporting roughly 60,000 new cases throughout the country. With some states reversing reopening, many fear a return to low regional demand in some […]
Oil markets are rising gently this morning after yesterday brought no change in price direction. This week the market will be sharply focused on July 4 demand data. Each year, millions of consumers hit the roads to see family and friends and gather for fireworks; this year, many of those plans were cancelled. The EIA’s […]
FUELSNews will resume normal publications on July 6. Happy Independence Day! Oil prices are back above $40/bbl following a bullish EIA report yesterday and positive trends around the country. Despite some brimming rumors of a renewed Saudi price war due to non-compliance of a few smaller OPEC countries, the group posted its lowest month […]
On Wednesday, WTI Crude fell more than $2 as it followed US equities lower on fears of a resurgence of coronavirus cases. Swelling crude inventories reported by the EIA and a surge of new COVID-19 cases around the nation have raised concerns about crude demand in the US and abroad, dragging prices lower. The IMF […]
On Wednesday, WTI Crude rose sharply from lows after the bullish EIA report came out late morning. However, prices finished the day relatively unchanged yesterday, tempered by the fear of a second wave of coronavirus affecting oil demand and economies around the world. The market continues to move sideways in early trading this morning. Yesterday, […]
