Iran may be the next major talking point for oil markets. President Biden is attempting to revive the nuclear deal with Iran, which would including lifting sanctions that are keeping millions of barrels of oil off the market. The Joint Comprehensive Plan of Action (JCPOA), signed in 2015 by former-President Obama, was exited in 2018 […]
Yesterday saw a hefty selloff for oil products, but a late-day buying spree for crude oil held the product to just 20 cent/bbl losses. Refined products saw steeper losses, with diesel shedding 2 cents and gasoline prices tumbling almost 5 cents. Recent reports have revealed that China is ramping up purchases of sanctioned Iranian oil, […]
Oil markets are sinking lower today, breaking from the sharp rally experienced over the past few days. Of course, warmer weather in Texas will allow oil production and refining to eventually return to normal. Crude production will resume sooner than refining, which will send crude prices lower and propel crack spreads higher. Gulf Coast refiners […]
After a run sending WTI crude to the brink of $58/bbl, the streak of gains seems to be coming to an end. Oil prices fell lower in early trading, though market indicators remain unchanged. Supplies remain cut, and stimulus legislation is on its way. Even the US Dollar is providing bullish support today for oil, […]
The oil complex is experiencing steep losses this morning as the factors behind the rally seem to be fading. Last year, China’s recovering fuel demand was a primary force pushing prices higher. This year, several Chinese cities are experiencing rising cases, forcing the country to establish new lockdown policies to curb the spread. China was […]
In the first few days of a new political administration, change is expected, and the Biden administration has not disappointed. President Biden has signed executive orders re-entering the US into the Paris Climate Accord, slowing pipelines, reinvigorating vehicle fuel efficiency targets, and issuing a 60-day ban on new drilling permits on federal land. Halting drilling […]
Crude closed down yesterday as OPEC+ met but could not agree on February production levels. The market is up in early trading this morning amid rising tension in the Strait of Hormuz after a South Korean tanker was seized by Iran on Monday. Middle East tensions are often a cause of rising crude prices, and […]
Crude closed lower on Monday as coronavirus cases continued to mount, and renewed lockdown measures were enacted in the US, Europe, and Asia. Vaccine hopes and OPEC+ supply cut extensions could not outweigh the pessimism caused by the rapidly spreading infection and the growing number of deaths caused by the virus. Crude is continuing its […]
After moderate losses during yesterday’s trading session, oil prices are recovering slightly, supported by surprising oil inventory data from the API. While economic stimulus remains the critical story of the day, markets are also eyeing geopolitical unrest in some areas of the world. In the Middle East, Iran appears to have built a replica aircraft […]
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 […]
