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 […]
Markets are slipping this morning as coronavirus cases continue mounting worldwide. Both the US and European countries are setting new records for number of new cases reported, which adds to concerns that lockdowns will be required heading into the winter. European countries including Spain, Italy, France, the UK, and Ireland have all tightened restrictions over […]
Crude fell nearly 3% on Monday, as supply came back online from multiple sources. The return of supply was the major factor moving markets lower yesterday and continues to pressure markets today. Crude is recouping some of its losses this morning on positive news coming out of China. China is the world’s largest crude importer […]
Around the world, crude oil supplies are returning from temporary shutdowns, causing oil prices to shift lower once again after last week’s rally sent prices to a high of $41.19 on Thursday. Hurricane Delta has passed, allowing Gulf oil production to return to normal. The powerful storm shut down the most Gulf production since Hurricane […]
Oil markets are continuing to rally this morning, with no particular catalyst for the rise. In fundamental news, Libya’s production has risen to 290 kbpd – nearly triple the level a few months ago, but well below their 1.2 million barrel per day capacity. A Norweigian oil worker strike is counteracting Libya’s added supply, though, […]
On Tuesday, WTI crude closed down $1.31 (-3.2%). The return of nearly 300 kbpd from Libyan oil fields helped to push prices lower. The lifting of the Libyan blockade is currently only temporary – lasting until mid-October – until a final agreement is reached, but the effects of returning supply to the market is significant. […]
Oil Loses Ground Amid Worries About The Pace Of Oil Demand Recovery Oil moved below the $40 level as concerns about the future pace of oil demand recovery weighed on prices. In addition, traders were a bit nervous ahead of the first U.S. presidential debate between Donald Trump and Joe Biden. Click here to read […]
Oil is trading sideways this morning after gaining nearly 10% over the course of the week. Although OPEC’s focus on increasing deal compliance gave markets a boost over the past two days, Libya’s increased production is giving the market pause. Libya’s oil field has been a source of volatility for years. Militant forces led by […]
Blink and you might have missed the faltering oil market from past weeks. WTI crude broke below $40/bbl on September 4, and by the middle of this week had already gained a position above that threshold. The week started with bearish news including the UAE uncharacteristically pumping above their OPEC quota. In addition, Libya announced […]
With the global recovery stalling, oil markets remain under pressure this morning. A plummeting US Dollar gave oil markets a lift above $41 for a few weeks; however, the dollar is now slowly climbing from 2-year lows. Oil bulls have little to point to right now to justify a rally, leaving the bears to reign. […]
