On Wednesday, WTI crude followed US equities lower on a host of bearish news. Losses continue this morning on failing confidence of economic recovery due to a resurgence on coronavirus cases in the US and Europe. France and Germany are instituting a second wave of lockdowns to stem the rising tide of infections in their […]
On Wednesday, WTI crude was down sharply on news from the EIA of a surprise build in gasoline stocks which is a proxy for gasoline demand. Rising coronavirus cases in the US and Europe are causing concern around a second wave of lockdowns and restrictions putting a dent in demand recovery. According to the EIA, […]
Around the world, crude oil supplies are returning from temporary shutdowns, causing oil prices to shift lower once again after last week’s rally sent prices to a high of $41.19 on Thursday. Hurricane Delta has passed, allowing Gulf oil production to return to normal. The powerful storm shut down the most Gulf production since Hurricane […]
After moderate gains early this morning, the oil complex is trading sideways to open the new week. Most indicators from the weekend suggest higher prices for the week. The US Dollar is creating tailwinds for oil; after rising to the highest level since July last week, USD losses this morning are propping up commodity markets. […]
Oil prices are posting new gains this morning after Friday’s selloff, buoyed by falling production in various areas throughout the world. The UAE, OPEC’s third-largest producer, ordered its national oil company to cut future oil production, and markets are now expecting a 5% supply drop in September and a 30% cut in October. In the […]
This week followed a classic “buy the rumor, sell the fact” pattern, with fuel markets spiking ahead of Hurricane Laura before shedding gains later in the week. From Monday’s opening level to Friday’s, WTI Crude finished the week slightly higher. The effects of the twin storms hitting the Gulf Coast were priced in early in […]
Oil prices are trading sideways this morning on light headlines. With Hurricane Laura passed, oil companies are reopening offshore rigs, refineries, and fuel terminals, and so far all indications, fortunately, point to minimal damage. Peak hurricane season is just two weeks away (Sept 10), so markets will continue vigilantly tracking Atlantic conditions. Weather forecasters hinted […]
On Wednesday, WTI Crude closed higher on bullish inventory news confirmed by the EIA. Crude and products had draws with crude having a larger-than-expected draw and diesel posting surprise declines as well. WTI Crude is down in early trading this morning as gains from bullish inventory news are tempered by bearish news coming from the […]
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 […]
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 […]
