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 […]

Oil Demand May Exceed Supply in May

A rush of enthusiasm saw crude prices rocket well over $26/bbl, but the rally was short-lived, and the market closed slightly in the red. This morning, most products are posting in the black, though gasoline is lagging the market. Goldman Sachs recently forecast that demand could exceed supply by the end of May, thanks mainly […]

Oil Rallies as Demand for Gasoline Rises

Yesterday, crude prices advanced sharply on bullish inventory news confirmed by the EIA.  A smaller -than-expected build in crude stocks and a surprise draw in gasoline inventories helped move prices higher.  Further supporting the rally in oil, the US Equities market rallied on news of a potentially useful drug treatment for the coronavirus.  In addition, […]

Week in Review – March 13, 2020

The crude market experienced one of the worst downturns since 2008 this week.  The major news moving markets was the beginning of the oil price wars between Russia and Saudi Arabia, causing the largest single day drop (over 20%) since the 1991 Gulf War.  News of Saudi Arabia’s plans to pump 25% more crude next […]

Markets Turn Higher, But Long Recovery Road Ahead

After a week of panic selling and market struggles, both equities and commodities are beginning to find their footing, providing a reprieve (however brief) from the bear market. Of course, it’s hard to determine how much of today’s rally is short covering versus a slow return to normalcy. While equities have been spooked by coronavirus […]

Week in Review – February 28, 2020

The crude market was down for the week and continues its downward trend in early trading this morning.  The major news moving markets this week was all about the coronavirus and its rapid spread outside of China.  South Korea, Iran, Italy and Japan among others, are all taking major steps to slow the spread of […]

As Virus Spreads, Saudis Consider Steep Cuts

Oil markets are continuing their steep drop, in a sell-off reminiscent of the price crashes seen in 2015-16 and, before that, in 2009. Crude oil and diesel prices have shed nearly 30% of their value since the beginning of the year, while gasoline losses are around 22%. Crude prices are at their lowest level in […]

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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