Large Crude Draw Moves the Market Higher

On Tuesday, WTI Crude closed higher on news of a large inventory draw reported by the API.  Crude prices continue to rise in early trading today on the bullish inventory news as traders await confirmation from the EIA later this morning. The crude rally would seem to indicate inventory data is being weighted more heavily […]

Mid-Week Review – August 5, 2020

Low Oil Prices Will Boost Consumption Without a doubt economic growth and income are the primary drivers of oil consumption, but price is the most important secondary element. It’s not that a price crash will encourage consumers to leave their cars running in the driveway, but on the margin, it will make them less inclined […]

OPEC+ Meets This Week to Review Oil Cuts

A late-breaking price rally on Friday brought crude oil prices back above the $40/bbl threshold, where they remain this morning despite a downward turn. Rising optimism across all financial markets helped deliver a strong close in equities and commodities last week. In addition, NY fuel prices (the trading point for NYMEX diesel and RBOB futures) […]

Large Crude Draw, Climbing Fuel Demand Bolsters Market

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 […]

Record-High Inventories Will Continue Pressuring Markets

Oil prices are giving up yesterday’s gains following news that Texas will be halting its re-opening approach due to an uptick in COVID-19 cases. With the economy already teetering following months of quarantine, forecasters worry that fuel demand may once again turn lower. But regardless of the day-to-day news, a looming challenge for markets is […]

Week in Review – June 26, 2020

WTI Crude finished the week lower after a choppy ride throughout the week. The week started off higher as Trump clarified that the US-China trade deal is “fully intact,” after earlier negative statements by White House trade advisor Navarro. EIA inventory news mid-week put downward pressure on markets as crude inventories rose. Also mid-week, IMF […]

Inventory Data Shows Demand Rising and Cuts Working

Yesterday, crude prices finished the day at 10-week highs after seeing some downward pressure when the EIA reported inventory numbers.  While crude had a surprise draw, products both built more than expected.  The bulls won out as the crude market closed with strength. Markets are seeing an uptick in demand across all products as the […]

Week in Review – May 15, 2020

The crude market is on track to post its third weekly gain, bringing crude prices to their highest level in over a month.  With rig counts falling to all-time lows, markets anticipate declining US oil production, which combined with OPEC+ cuts should help bring supply and demand back into balance. Many analysts believe oil markets […]

US-China Tensions Flare as World Returns to Normal

While oil markets are closely monitoring the return to normalcy for demand, equity markets are turning their attention to US-China tensions, which have continued escalating in recent days. Ths US has been ramping up its military presence in the Indo-Pacific region, conducting training exercises throughout the region and issuing provocative statements of America’s ability to […]

Week in Review – May 8, 2020

The crude market was up for the week, extending last week’s gains.  Still, a “rally” from $16/bbl a couple of weeks ago to $23/bbl today is hardly a sign of a return to normalcy. Markets remain heavily suppressed, with global oil demand still 17-20 million barrels per day below peak levels. The major news moving […]

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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