Oil Deflates as Pipeline Reopens, Inflation Fears Persist

After racing back above $66/bbl yesterday, US crude oil prices are falling back once again this morning. Inflation concerns are heating up, with the US Labor Department reporting that consumer prices rose 4.2% in April – the fastest growth since 2008. Higher inflation would seem to promote higher fuel prices, but it also leads the […]

Mid-Week Review – May 12, 2021

IEA May Oil Market Report Global oil consumption is now forecast to rise by 5.4 mb/d in 2021, 270 kb/d lower than in our previous Report. Europe and OECD Americas have been revised down by 320 kb/d and 515 kb/d respectively in 1Q21, while India’s Covid crisis led us to downgrade its demand in 2Q21 […]

A Bad Day for Pipelines

Today is a bad day for pipelines. The Colonial Pipeline, the main line supplying the East Coast with gasoline, diesel, and jet fuel, remains offline – more on that below. Today, the Enbridge Pipeline faces a critical deadline. The line transports crude oil from western Canada down to Sarnia, Ontario (passing through Minnesota, Wisconsin, and […]

Colonial Aims to Open by End of Week

The Colonial Pipeline cyberattack has been a dominant headline in news reports this week, yet oil prices seem strangely calm. Although prices have certainly risen in the Southeast, where supply outages are beginning to pop up in gasoline markets, the impact on other markets has been minimal. After an initial panic that sent NYMEX gasoline […]

Could the Driver Shortage Cause Fuel Outages?

Downstream fuel markets have been abuzz following a recent CNN report that warned of gasoline shortages this summer. The cause, though, has nothing to do with gasoline supplies. Refiners are continuing to keep up with demand and inventories – though below COVID levels – are healthy. Supply and demand are both on the rise, but […]

Will Fuel Gains Continue? Exploring 3:2:1 Crack Spreads

Markets are trading lower this morning, giving up some of the stimulus-related gains from last week. Despite positive economic data from China, continued supply cuts from Saudi Arabia, and a falling rig count in the US, traders aren’t feeling the enthusiasm so far. Despite today’s pullback, the overall trend has been higher prices, especially for […]

Hope for Third Round of Stimulus is Growing

Crude closed up only a penny yesterday but is hitting 11-month highs this morning. The continuation of last weeks’ rally based upon voluntary production cuts from Saudi Arabia and a weaker dollar is helping to lift markets. In addition, the easing of coronavirus restrictions and the ensuing uptick in travel and economic activity along with […]

Week in Review – January 8, 2021

It’s certainly been a crazy week, filled with headlines with direct implications for oil fundamentals. This week brought a major oil production announcement, a political shift in the US Senate, and violent protests at the US Capitol. Let’s break down some of the top headlines this week and the impact on oil 1. Saudis Announce […]

New Multi-Month Highs as Markets Continue Rally

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, […]

Is the Vaccine Rally Finished?

Crude closed sharply lower on Monday as a new strain of COVID-19 was discovered in the United Kingdom. The new strain is more highly transmissible than current known strains of the virus. In response to the discovery, more than 40 countries have banned arrivals from the UK. The fear of the new strain of the […]

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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