WTI crude trading trends suggest a U.S. oil supply crunch as driving season nears A key price spread in the market for West Texas Intermediate crude is signaling that oil traders are bracing for a potential supply crunch just ahead of the busy summer driving season that sparks a demand surge. The June-July WTI time-spread, […]
Despite a market run-up this morning that briefly sent fuel prices nearly 2 cents higher per gallon, the market is trading flat/lower this morning. Over the weekend, a few supply issues reared their head. Iraq is set to reduce their output to 3.6 MMbpd to offset above-quota production in 2020, taking their production to a […]
Oil prices are at a standstill this morning, continuing to slide back after reaching the highest crude oil price since early March. Much of the oil rally can be attributed to a falling dollar, so today’s small uptick in dollar strength is putting pressure on oil. Outside of the dollar, though, today’s news seems generally […]
The markets are roaring higher this morning, with WTI crude trading above $40/bbl once again. Today’s hefty gains come, not from any concrete change, but rather from improving confidence in the reopening economy. If the $40/bbl trading levels hold, today will be the first time WTI crude has closed above $40/bbl since March 6. Gasoline […]
WTI Crude finished the week strongly and is sharply rising in early trading this morning. Positive macroeconomic support earlier in the week from the White House and the Fed is being weighed against fears of a second wave of COVID-19. Fuel markets received support mid-week from the EIA’s inventory report, which included the first diesel […]
On Wednesday, WTI Crude saw choppy trading action, but ended up relatively flat. Today prices are retreating from three-month highs on news of disunity among OPEC+ members regarding extending production cuts. While Saudi Arabia and Russia have reached a preliminary agreement, momentum is being disrupted by cheating by Nigeria and Iraq. OPEC cheating has been […]
Mere days after the US killed an Iranian General travelling in Iraq, Middle East tensions are already beginning to heat up. On Friday, oil prices soared to $2/bbl gains, and this morning those increases are continuing steadily. Crude oil is currently trading at $63.45, up 40 cents from Friday’s close. Fuel prices are mixed this […]
OPEC rumors and bullish inventory news are lifting the markets. WTI Crude is trading at $58.83, a gain of 40 cents. Fuel is up in early trading this morning. Diesel is trading at $1.9373, a gain of 1.4 cents. Gasoline is trading at $1.6228, a gain of 1.9 cents. On Wednesday, crude prices rose more […]
A larger-than-expected draw reported by the API seems to be putting upward pressure on crude markets this morning. WTI Crude is trading at $57.15, a gain of $1.05. Fuel is up in early trading this morning. Diesel is trading at $1.9144, a gain of 3.5 cents. Gasoline is trading at $1.1.5934, a gain of a […]
U.S. oil futures mark lowest finish so far this month Oil futures fell on Tuesday, with U.S. prices settling at their lowest so far this month. A report from Reuters said Russia would likely commit to extend an existing pact to curb output at the early December meeting of the Organization of the Petroleum Exporting […]
