Biden Reversing Energy Course to Curb Prices

During a time with consumers seeing some of the highest oil prices in recent memory, the Biden Administration now seeks the help of the industry he spent much time trying to change. The Biden 2021 election campaign focused heavily on curbing climate change by regulating the oil and gas industry. He now faces an even […]

Mid-Week Review – August 11, 2021

Oil Prices Fall 1% As White House Presses OPEC+ to Boost Output Oil futures retreated Wednesday after news reports said the Biden administration would press the Organization of the Petroleum Exporting Countries and its allies to further boost output. “We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” […]

Weak Chinese Oil Imports Weigh on Market

This morning, US crude oil prices are trading flat as traders continue monitoring new COVID-19 variants. Crude opened at $72.18, diesel at $2.1358, and gasoline at $2.2952. Markets are still locked in the continuing pattern – selling off due to COVID variants, then traders buy the dip and cause a surge in pricing. Traders are […]

Mid-Week Review – July 21, 2021

Oil-Price Swoon Spurs Traders to Bet on Further Declines Bets that oil investors made in options markets help explain why crude prices fell so sharply on Monday, and show that traders are bracing for prices to lurch lower once more. U.S. crude prices swooned in tandem with stocks and other industrial commodities to start the […]

Mid-Week Review – July 14, 2021

Oil prices drop after Saudi-UAE reach output compromise Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output. The deal between the two Gulf producers means that members of the Petroleum […]

How Will OPEC+ Handle Supply Shortages?

Markets are trading slightly higher this morning as traders await the OPEC+ meeting later this week. OPEC+ has already agreed to phase in 2.1 MMbpd of production over the next few months, but that may not be enough to keep up with recovering demand. OPEC forecasts suggest oil markets will experience a significant supply shortage, […]

US Adds 1.8 MM Jobs, Iraq Cuts Production – Markets Still Down

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 […]

Five Straight Days of Gains, Doubles Crude Price

On Tuesday, WTI Crude finished higher to close with five straight days of gains and nearly doubling in price to close at $24.56.  The market is giving back some of those gains in early trading this morning as traders teeter between optimism and pessimism based upon bearish API inventory news. Prices have been responding to […]

Mid-Week Review – May 6, 2020

Oil Resumes Rally with Prices Doubling Over Last Five Days Futures in New York rose above $25 a barrel after earlier breaking above their 50-day moving average for the first time since January. Russian oil production was down 16% in the first five days of May, Interfax reported, while Plains All American Pipeline LP sees […]

Mid-Week Review – April 29, 2020

Oil prices tank another 21% as storage fears persist US oil prices tanked on Tuesday as fears that global storage is running out mounted, prompting concerns that the June contract could significantly plunge in the same way the May contract did last week.  Click here to read more from Markets Insider. Could US oil prices […]

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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