IEA Forecasts 10-Yr High Inventory Draws in Q3

Oil prices are hovering in the low $74 range this morning, not far from their pre-July 4th peak. The International Energy Agency (IEA) released their monthly oil market report, which noted several bullish trends in the short-term. Oil demand rose by 3.2 MMbpd in June, representing a 3.4% increase month-over-month. Moreover, last month’s demand gains […]

Oil Prices Rally – Gas Stations Still Shut Down

This morning the price of crude passed $70 as COVID-19 restrictions loosen around the world and investors predict demand for oil to soar in 2021. Prices have been dipping recently as a result of COVID cases’ surging in Asia and the reopening of the Colonial Pipeline (CPL), but there are optimistic signs of recovery in […]

Markets Leap Despite IMO 2020 Fears Subsiding

Oil prices were brought to a crescendo yesterday, leading to the highest closing price for crude oil since September. That said, prices remain within the trading range we’ve seen for most of the year, between $50-$60/bbl. Crude oil this morning is trading at $58.63, up a nickel from yesterday’s 2-month high. Fuel prices also got […]

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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