Economy Grows, API Shows Continued Refined Product Draws

After shedding a dollar yesterday, crude prices are beginning to tick higher this morning. The OECD, an international organization focused on economic growth and trade, released an interim guidance report on economic growth, in which the group raised their 2021 global GDP forecast to 5.5%, supported by a rapid vaccine deployment and stimulus legislation. The […]

Bullish and Bearish News Offset Each Other

WTI crude closed higher yesterday on the news of Saudi supply cuts and the hope for additional economic stimulus due to the Senate races’ results in Georgia. Both Senate seats went to Democrats, giving them a majority in the Senate and increasing the chances of another round of coronavirus stimulus. The market is relatively flat […]

Oil Inventory Build Weakens Rally

Fuel markets climbed to yet another high to end yesterday’s trading session, putting the US crude contract at a whopping $47.62/bbl. Like many other mornings this week, trading is flat/lower. For the last two weeks, those types of mornings have either resulted in a flat trade or a moderate gain, but the EIA’s weekly petroleum […]

Weekly Round-up – December 16, 2020

IEA December Market Report The understandable euphoria around the start of vaccination programmes partly explains higher prices but it will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand. In the meantime, the end of year holiday season will soon be upon […]

Large Crude Build Can’t Dampen Vaccine Optimism

WTI crude closed relatively flat yesterday even in the face of bearish inventory news reported by the EIA. A massive increase in crude stocks could not dampen the optimism generated by the beginning of the rollout of the coronavirus vaccine to the public. Crude is up in early trading this morning as vaccine optimism continues. […]

All Eyes on OPEC+ Meeting Today

WTI crude closed higher yesterday on EIA inventory news that was more bullish than what the API reported. The API expected a large build in crude, but the EIA reported a small draw.  Products had a seasonally expected increase as refiners build stocks in preparation for the spring and higher future demand. Crude is trading […]

Builds in Crude and Products Pressure Markets

On Tuesday, WTI crude closed lower on pessimistic news of a delayed meeting by OPEC+ regarding continuation of current supply cuts into next year. Crude is trading sideways this morning, but is feeling downward pressure from bearish inventory news from the API. Yesterday, the API reported a surprise build in crude and stock increases in […]

Mid-Week Review – December 2, 2020

Oil prices drift lower as traders await OPEC+ decision on production curbs Oil futures edged lower Wednesday, with traders awaiting a decision by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, on whether to relax existing curbs on crude output next month. Click here to read more from […]

Vaccine Optimism Trumps Bearish Inventory News

On Tuesday, WTI crude closed sharply higher following US equities. The Dow Jones Industrial Average closed above 30,000 for the first time in history and crude followed to levels not seen since March. The major drivers lifting markets are news of multiple highly effective coronavirus vaccines and the beginning of the official transition of power […]

Mid-Week Review – November 25, 2020

Why The Vaccine Oil Rally Won’t Last Oil is on the rise after a third company developing a vaccine for Covid-19 announced positive efficacy results this week. They may well continue to rise for a while, but it would pay to be careful with betting on an endless rally. Click here to read more from […]

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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