Prices Rise as Crude Inventories Fall

This morning oil prices rose as crude inventory levels in the U.S. fell once again. The EIA reported a 3.2 million barrel (MMbbl)  draw, double the expected 3.2 MMbbl draw. Gasoline inventories were also expected to take a hit, but surprised with a 0.7 MMbbl gain. Diesel also surprised, but with a steep 2.7 MMbbl […]

IEA Releases New Market Report

This morning the IEA released their market report, highlighting both the ongoing economic recovery and the contrasting concerns over new virus variants. The IEA warns of a significant slowdown in demand recovery in the weeks to come due to unforeseen COVID-19 variant spread rates. According to the IEA, global oil demand will rise 5.3 mb/d […]

President Biden Calls on OPEC to Moderate Prices

Fuel prices are retreating a bit this morning, offsetting yesterday’s 3-4 cent gains. The White House is calling on OPEC to loosen their quotas, with officials at different levels reaching out to OPEC colleagues. Biden administration officials noted that OPEC+’s 400-kbpd supply increase does not go far enough to balance the market. Previous calls (and […]

Renewable Diesel – Is It Right for Your Fleet?

Recently, the EIA shared an update on renewable diesel (RD), highlighting a growing transition to the new fuel product. What is renewable diesel, and is it right for your fleet? What Is Renewable Diesel Renewable diesel, also referred to as green diesel, is a relatively new market product that is chemically identical to petroleum-based diesel […]

COVID Variants & Crude Draw Sends Oil into Tailspin

Oil prices continue sinking this morning, extending the streak of losses to four days if current prices hold. Although COVID variants have been a talking point for months now, sentiment is now shifting markedly. Before, variant concerns were met with a retort that vaccines were available and just needed time. Now vaccine rollouts have slowed, […]

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 […]

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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