Saudis and UAE Agree on OPEC Production Deal

Oil prices are turning lower this morning, following news that OPEC may finally be near an agreement to increase production for the remainder of the year. Saudi Arabia and the UAE have been at odds for the past two weeks, derailing members’ consensus to increase output by 400 kbpd each month between now and December. […]

Prices Slip as Delta Variant Cases Increase

This morning prices fell as the world has seen a heavy increase in COVID-19 variant cases. These new strains, along with already tight supply and demand, have started to concern investors. Today crude opened at $74.74, diesel at $2.1527, and gasoline at $2.2869. One of the biggest threats to the market right now is the […]

Week In Review – July 9, 2021

After a long string of oil price gains, oil prices fell this week as the OPEC meeting last week crumbled. Although the group was voting on increasing production – and thus no vote means less production, which should cause higher prices – the market reaction has been bearish. Traders fear that the UAE and other […]

Oil Continues to Fall with OPEC+ Variability

For a third day straight, oil prices have fallen since OPEC failed to reach a production increase agreement earlier this week. This morning crude opened at $72.17, diesel at $2.0849, and gasoline at $2.2049. Analysts suggest an agreement to raise production may be out of the question for the near-term, as Saudi Arabia and the […]

Mid-Week Review – July 7, 2021

Oil prices stabilize as OPEC uncertainty persists Oil futures rose Wednesday, stabilizing after the previous session’s slide, as investors continued to weigh the implications of a standoff between OPEC members over output. Oil trading has been volatile after talks by the Organization of the Petroleum Exporting Countries and its allies — a group known as […]

Oil Sheds 2% on OPEC Uncertainty

Oil prices faced a large selloff yesterday, with crude prices shedding nearly $1.80 (2.4%) from their opening price. Fuel prices saw an even steeper decline, with diesel down 3.4% and gasoline losing 3.1%. After OPEC+ canceled their meeting, markets seem to be pricing in some possibility of the entire 5.7 MMbpd cut agreement unwinding, which […]

Oil Prices Hit New High as UAE Derails OPEC+ Deal

Oil prices catapulted to new highs this morning before turning lower due to broader financial pressures and a rising US dollar. Last week, the world waited for an OPEC+ deal to increase production later this year – a deal that did not materialize. After three votes, the group cancelled its meeting for Monday, walking away […]

OPEC+ Extends Talks, UAE Objects to Deal

OPEC+ talks have stalled this week due to disagreements between member countries. Saudi Arabia and Russia agreed yesterday to increase production gradually by 2 MMbpd by the end of the year. The agreement would also extend the cuts, which are slated to end in April 2022, through the end of 2022. However, objections from the […]

OPEC+ Meets Today, Expected to Hike Output

This morning, crude opened at $73.50, diesel at $2.1314, and gasoline at $2.2409. These prices saw sharp increases this morning as the anticipated OPEC+ meeting draws near. Oil set yet another three-year high, reaching $76.11 this morning. The relentless commodity rally has brought numerous multi-year highs as the world rebounds from the pandemic. Later this […]

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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