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, […]

Oil Sheds 2% on OPEC Uncertainty

Oil prices faced a large selloff yesterday, with crude prices shedding nearly $1.80 (2.4%) from their opening price. Fuel prices saw an even steeper decline, with diesel down 3.4% and gasoline losing 3.1%. After OPEC+ canceled their meeting, markets seem to be pricing in some possibility of the entire 5.7 MMbpd cut agreement unwinding, which […]

Oil Near One-Week High – US Drillers Add Oil & Gas Rigs

Today oil prices fell from the one-week highs set yesterday. Oil rose more than 3% above last week due to faltering US-Iran negotiations. Crude futures were down 20 cents, and US West Texas Intermediate futures were off 29 cents after attaining near 4% gains on Monday. This week in Vienna, the United States and Iran […]

Trump Pledges Support for Oil Industry

On Tuesday, WTI Crude future’s May contract rebounded from -$37.63 to expire in positive territory at $10.01.  WTI Crude continues to underperform against Brent crude as we see the price spread widen due to tight storage capacity at Cushing.  WTI crude is up in early trading on this first morning of trading for the June […]

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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