On Tuesday, WTI Crude closed higher on news of a large inventory draw reported by the API. Crude prices continue to rise in early trading today on the bullish inventory news as traders await confirmation from the EIA later this morning. The crude rally would seem to indicate inventory data is being weighted more heavily […]
Low Oil Prices Will Boost Consumption Without a doubt economic growth and income are the primary drivers of oil consumption, but price is the most important secondary element. It’s not that a price crash will encourage consumers to leave their cars running in the driveway, but on the margin, it will make them less inclined […]
End Game for Oil Somare speculating that oil demand may never recover to pre-COVID levels. If that’s the case, a lot of OPEC nations, reliant on exports to fill government coffers, may be in trouble. Click here to read from Reuters how the group is coping with declining oil demand. Infrastructure: The Next Big […]
On Tuesday, WTI Crude closed relatively flat, but is moving higher this morning on bullish inventory news from the API. The API reported crude inventories fell by 8.32 MMbbls last week. The EIA this morning only confirmed a draw of 7.5 MMbbls in crude. The large draw would seem to indicate that the supply glut […]
Oil slips on surge in COVID-19 infections, U.S.-China tension In the United States, infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state. Numerous states have rolled back the loosening of restrictions on business operations and now require mask-wearing to slow […]
On Tuesday, WTI Crude started the morning strongly but dipped in the afternoon session to close the day 1.5% lower. Crude prices are up in early trading this morning on bullish inventory news from the API of a much larger-than-expected draw in crude stocks. Traders are taking the report as a signal of rising demand. […]
Oil slips slightly on rising coronavirus cases, returning Libyan supplies Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. Click here to read more from […]
On Tuesday, WTI crude gave back most of Monday’s gains on little headline news and fears of an uptick in coronavirus cases globally. The market is down in early trading this morning on mixed inventory news. The API signaled another build in crude inventories yesterday. The larger-than-expected rise in oil stocks put downward pressure on […]
With contracts canceled and debts mounting, offshore oil drillers face another shakeout The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. Click here to […]
On Wednesday, WTI Crude rose sharply from lows after the bullish EIA report came out late morning. However, prices finished the day relatively unchanged yesterday, tempered by the fear of a second wave of coronavirus affecting oil demand and economies around the world. The market continues to move sideways in early trading this morning. Yesterday, […]
