Yesterday, oil prices reached their highest level this month as US sanctions on Russian oil company, Rosneft, and unrest in Libya added more uncertainty and concerns for the global crude supply. Crude prices are up this morning on optimism that China will enact economic stimulus to soften the demand destruction caused by the coronavirus. Chinese […]
Yesterday, oil started the session over2% lower after OPEC officials scrapped plans for an emergency meeting in February. OPEC+ plans to keep to its scheduled meeting coming up in March. Russia is still considering the further cuts of 600 kbpd suggested by Saudi Arabia. Russia’s Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince […]
Last week crude closed the week higher on the potential for deeper OPEC+ cuts and Chinese economic stimulus due to the coronavirus. In early trading this morning the market is giving back some of last week’s gains as markets asses the crude demand decline from the coronavirus versus the stimulus measures being rolled out to […]
In a continuation of yesterday’s gains, crude prices are higher this morning. Markets continue to consider possible further cuts by OPEC+ as OPEC’s Monthly Oil Market Report is released this morning. OPEC’s estimate of 2020 demand growth has now been revised down by 0.23 mmbpd to +0.99 mmbpd versus the EIA also revising demand growth […]
Working to lift markets this morning is the talk of supply cuts coming from OPEC+. Signs point to OPEC+ being willing to deepen cuts amidst the decreased demand caused by the coronavirus. OPEC+ is gathering for an urgent assessment of how Asia’s coronavirus may hurt oil demand; technical experts from the OPEC+ coalition will meet […]
The Oil and Gas Situation: In the Midst of a Major Global Boom Forty years ago, the conventional wisdom about oil was that we were running out of it and needed to find ways to conserve. Twenty years ago, it was faddish for people in the oil business to talk about the then-assumed fact that […]
Oil prices are up this morning, recovering some of yesterday’s losses. WTI Crude is trading at $58.93, a gain of 17 cents. Fuel is up in early trading this morning. Diesel is trading at $1.9416, a gain of 1.3 cents. Gasoline is trading at $1.6323, a gain of 0.6 cents. On Wednesday, crude prices fell […]
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 […]
Crude is down in early trading this morning. News of deeper OPEC supply cuts seem to be offset by weak manufacturing data coming from the US. Crude is currently trading at $55.55, a loss of 41 cents. Fuel prices are down in line with crude. Diesel is trading at $1.8747, a loss of 1.1 cents. […]
The turkey hangover seeped into markets on Friday, bringing the largest price drop since October. WTI crude gave up just shy of $3/bbl, falling from over $58/bbl to just above $55/bbl. This morning, prices are rallying back once again. Crude oil is trading at $56.39, up $1.22 cents. Fuel prices also crashed lower, with diesel […]
