Analysis by Sydney Casey This week, the financial landscape was shaken by an unprecedented banking crisis that has left markets reeling and investors on edge. For instance, Goldman Sachs raised its 2023 recession probability from 25% to 35%, noting that risky assets like equities and commodities could face pressure. In the eye of the storm, […]
Analysis by Sydney Casey Macro concerns weighed on markets this week, causing crude oil to drop to its lowest level in over a week. Extending gains from yesterday’s session, prompt crude prices are now up more than 60c/bbl, although they are still headed for a week-on-week deficit. With crude ticking upward and RBOB futures essentially unchanged, […]
If you follow oil markets even tangentially, you’ve likely heard that diesel inventories in the US are now at the lowest level since 2008, with just 25 diesel days of supply left. That’s significant because diesel is the fuel that drives the global economy – powering trucks, construction equipment, generators, heaters, and more. A sudden […]
Fuel prices have seesawed this week, falling towards the beginning of the week but recapturing losses later on. This week, many headlines have focused on fears of a recession. With energy prices squeezing budgets – both corporate and private – and interest rates going up, there’s a real concern that the economy could suffer. Recessions […]
Despite a slow start yesterday morning, oil prices closed the session a few cents higher than Monday’s close, putting prices at the top of its recent $63-$66 range. Today, prices are trading sideways/slightly lower, recovering from the rally over the past two days. The API released their weekly inventory data, which echoed the market’s expectation […]
U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack The top U.S. fuel pipeline operator said its lines were fully operational on Monday, but it will take some time for supplies to recover fully from a cyberattack that left thousands of gas stations without fuel. Last week’s closure of Colonial […]
Oil prices plunged lower this morning, retreating from their rally earlier this week that sent Brent crude prices above $70/bbl. US-Iran nuclear talks spooked markets, since a renewed deal would bring 2 MMbpd of Iranian oil back to the market. Russia’s ambassador to the International Energy Agency (IEA) commented that talks have seen “significant progress” […]
Crude oil prices are turning lower this morning, still just shy of multi-month highs. WTI crude would need to close above $66.09 to beat its March 2021 peak; after that, the next peak would be $66.30, set in April 2019. Despite lower prices, there’s still plenty of positive sentiment stemming from vaccine optimism, which could […]
Oil prices are back to setting multi-year highs as the commodity boom continues. Commodities have been on a tear lately, with astronomical growth for products including lumber, iron ore, grain, urea, and more. Although supplies are still catching up from the COVID-induced lull, massive stimulus efforts in countries like China and the US have kickstarted […]
Will Oil Hit $80 This Summer? India, the world’s third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured oil prices. OPEC+, out of its own necessity, has intervened in the oil market on the supply side of […]
