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 […]
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 […]
After another weak session to close out last week’s trading, oil remains lower today amid OPEC+ turmoil. While many had hoped Russia would quickly agree with OPEC’s recommendations for deeper cuts, so far the country has called for a more patient approach. It appears OPEC may not meet until March to discuss production cut extensions, […]
Pandemic threats are keeping markets on high alert this morning, and prices are plummeting out of fear that demand may grind to a standstill in China. With concerns escalating, we’ll focus today on review what a coronavirus is and why it’s impacting oil markets: What Is a Coronavirus? The coronavirus is actually a family of […]
The crude market was down for the week. The major news driving markets this week is the Coronavirus coming from China. The sickness has stoked the fear that people will travel less or stop travelling all together. According to Goldman Sachs, oil markets are likely to take a hit from China’s deadly coronavirus, with aviation […]
On Thursday, crude prices continued the downward trend we had seen through the week based upon the news of the possible spread of the coronavirus. The virus has prompted the suspension of public transportation in 10 Chinese cities. Health authorities fear the infection could spread as millions of Chinese travel over the Lunar New Years […]
Oil Drillers Continue to Remove Rigs from Permian Basin In its weekly release, Baker Hughes Company BKR reported a drop in U.S. rig count. Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. Click here to read […]
Happy Thanksgiving! Markets will be closed tomorrow in observation of the holiday. FUELSNews production will resume on Monday, December 2. It’s a quiet trading day heading into the holiday weekend. Trump’s announcement yesterday that a trade deal is close was counteracted by weak inventory data. The oil complex is trading flat for the day as […]
Crude is up on recent positive trade sentiment. Crude is currently trading at $55.40, a gain of 39 cents. Fuel prices are up in line with crude. Diesel is trading at $1.9583, a gain of 1.4 cents. Gasoline is trading at $1.6887, a gain of 1.4 cents. A strike at Canada’s largest rail carrier entered […]
Dilemma for Oil Refiners as Surging Ship Costs Kill Margins U.S. sanctions on Chinese shipping companies and Friday’s attack on an Iranian tanker have turbo-charged transport costs, with rates on the Persian Gulf to China route at almost six times this year’s average. Click here to read more from Bloomberg. Russia Aims To Ditch The […]
