Oil Settles Higher on API’s Inventory Draw

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 […]

Mid-Week Review – May 19, 2021

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 […]

Range-Bound Oil Market Watches US-Iran Talks

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” […]

EIA Posts Steep Crude Draw, While Gas Builds

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 […]

Commodity Supercycle Drives Oil Prices Higher

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 […]

Mid-Week Review – May 5, 2021

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 […]

Week in Review – April 30, 2021

Oil prices climbed higher throughout the week, and one bank sees it as the start of a broader rally. Goldman Sachs is calling for crude oil prices to rise more than 10% over the next few months as oil demand climbs back to pre-COVID levels and interest rates remain low. In addition, the US’s relative […]

OPEC Maintains Supply Increases Despite India Slowdown

Despite a mixed API report, crude oil markets gained nearly a dollar per barrel yesterday, and the gains are continuing this morning. The CDC loosened guidelines on mask-wearing in the US, saying that mask-wearing outdoors was unnecessary except in crowds and that fully vaccinated individuals can assemble indoors without masks. The measure adds confidence that […]

Mid-Week Review – April 28, 2021

Oil Prices Climb As OPEC+ Holds Firm on Output Cuts The OPEC+ group will not hold a full ministerial meeting on Wednesday as planned, delegates at the Joint Ministerial Monitoring Committee (JMMC) agreed at their meeting on Tuesday, signaling confidence in the current plans to ease the production cuts as of May despite surging COVID […]

EIA: Bearish Crude Builds, But Gasoline Demand Near 2019 Levels

Oil prices moved slightly lower again yesterday, influenced by a surprise crude build that weakened trader sentiments. Positive comments related to US-Iran negotiations, which are happening indirectly in Vienna, are putting downward pressure on the market. The US lifting sanctions on Iran would enable nearly 2 MMbpd of oil to hit global markets, offsetting much […]

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.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote