Ida Knocks Out Supply and Demand, Leaving Markets Neutral

Although the morning opened with a steep selloff, prices have recovered most of those losses. Prices leaped higher as Hurricane Ida approached the Gulf Coast, but gains are subsiding slowly. After dropping $1/bbl this morning, crude oil has narrowed losses to just 30 cents, while fuel prices are less than 2 cents down. Although refinery […]

NOAA: Hurricane Season Will Be Even Busier

Yesterday, the National Oceanic and Atmospheric Administration (NOAA) released a statement noting the 2021 hurricane season would be even busier than previously thought. The agency raised the probability of an above-average season from 60% to 65%, while also increasing the total number of possible storms. According to officials, there is a chance we could see […]

Mid-Week Review – July 7, 2021

Oil prices stabilize as OPEC uncertainty persists Oil futures rose Wednesday, stabilizing after the previous session’s slide, as investors continued to weigh the implications of a standoff between OPEC members over output. Oil trading has been volatile after talks by the Organization of the Petroleum Exporting Countries and its allies — a group known as […]

Supply Crunch Weighs on Oil as Storm Moves toward Gulf Coast

Yesterday, oil prices hit a new multi-year high with crude reaching $72.29, while fuel prices sustained high levels. These price increases come amid rising concerns that oil could break the $100 threshold by the end of the 2021 calendar year. With rising demand and concerns surrounding the idea of inflation, prices are sure to be […]

2021 Hurricane Season to be “Above Average”…Again

Oil trading action is relatively calm this morning, easing from choppy trading earlier this week. Although recent focus has moved to US unemployment claims, Iranian oil hitting the market, and COVID-related restrictions in some countries, there’s still plenty of optimism that demand is recovering. Yesterday, Colorado State University released its first outlook for the 2021 […]

Week In Review – April 9, 2021

After several weeks of volatility, oil prices stabilized this week. Following Monday’s selloff, WTI crude prices consolidated to a narrow $1/bbl trading range. The week began with OPEC+ agreeing to slowly increase its production, phasing in roughly 1 MMbpd of supply over the next three months. Saudi Arabia also announced it would cease its voluntary […]

OPEC Leader Cautiously Optimistic

Crude closed down over 3% on Monday, following US equities lower as traders wrestled with rising numbers of coronavirus cases as well as the diminishing possibility of a US stimulus deal before the election. Crude is trading higher this morning as the storm churning in the Gulf is temporarily shutting in supply. Gulf of Mexico […]

European Lockdowns and Libya Supply Trigger Selloff

Markets are slipping this morning as coronavirus cases continue mounting worldwide. Both the US and European countries are setting new records for number of new cases reported, which adds to concerns that lockdowns will be required heading into the winter. European countries including Spain, Italy, France, the UK, and Ireland have all tightened restrictions over […]

IEA World Energy Outlook – Crystal Ball?

Crude fell nearly 3% on Monday, as supply came back online from multiple sources. The return of supply was the major factor moving markets lower yesterday and continues to pressure markets today.  Crude is recouping some of its losses this morning on positive news coming out of China. China is the world’s largest crude importer […]

Hurricane Delta Closing Down Production

On Wednesday, WTI crude closed near the $40 mark on the hopes of a narrow stimulus deal being passed as had been proposed by President Trump.  While negotiations have stalled for a large, broad stimulus package, the hope is that a small targeted deal could be passed before the election. Crude is up in early […]

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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