After a cyberattack caused the nation’s largest pipeline to shut down over 5,500 miles of distribution infrastructure, Colonial Pipeline (CPL) is back up and has resumed normal operations. The company was forced to shut down the pipeline on Friday, May 7th, and, after of week of restoring capacity, is now delivering millions of gallons of […]
The oil complex remains flat this morning following last Wednesday’s $3/bbl rally; WTI crude has traded close to the $63/bbl level for four consecutive sessions. Gasoline remains above $2/gal, while diesel prices are hovering around $1.89. COVID cases continue falling in the US but rising elsewhere, keeping markets in limbo until vaccine programs gain traction […]
Oil markets are rallying this morning despite an absence of “new” news to provide incremental tailwinds. Indeed, the news may even be considered as a bearish factor, with Tokyo and Quebec each enacting restrictions to curb new COVID-19 cases. But the scale of the news this week has been lifting financial markets across the board, […]
Yesterday brought a sharp break from the oil market’s earlier stability. Crude prices shed over $1/bbl as several companies, including Wells Fargo and United Airlines, announced employee layoffs following a dismal jobs report. Unemployment claims have fallen precipitously from their March peak but remain double the highs of the 2008-09 recession. Rising coronavirus cases in […]
In Asia, Europe, and the Middle East hundreds of new cases of the coronavirus, COVID-19, have been reported. The virus has been found in about 30 countries. In the US, the Center for Disease Control warned of the inevitable outbreak of the virus. The organization is preparing for “severe” disruptions to daily life in the […]
Crude prices are relatively flat this morning after yesterday’s large drop, the largest drop in almost seven weeks. Investors are trying to gauge the economic consequences of the quickly spreading coronavirus and whether it will become a global pandemic. Goldman Sachs says certain economic metrics appear at least 20% below what is normally seen this […]
Last week crude closed the week higher on the potential for deeper OPEC+ cuts and Chinese economic stimulus due to the coronavirus. In early trading this morning the market is giving back some of last week’s gains as markets asses the crude demand decline from the coronavirus versus the stimulus measures being rolled out to […]
Yesterday markets closed lower – extending to five days the streak of losses. The market appears to have dismissed Middle East tensions in the short term. However, crude is up in early trading this morning. Crude is currently trading at $58.66, a gain of 58 cents. Fuel prices are up. Diesel is trading at $1.9113, […]
Friday saw oil markets continue their descent to lower territory, extending the streak of losses to four trading sessions. If this morning’s trading patterns hold, it looks like that streak might extend to five days. Crude oil is currently trading at $58.51, 53 cents (0.9%) below Friday’s close. Fuel prices are trading slightly lower as […]
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 […]
