After gaining an astounding 35% last week, crude oil prices are beginning to give back some of their gains this morning as the OPEC+ deal loses steam. Already, the OPEC+ meeting has been postponed from Sunday to Thursday, and Saudi/Russian bickering over who is at fault may derail the deal entirely. While both countries are […]
Yesterday’s 24.7% gain for WTI crude was the largest single-day percentage gain in product’s trading history, surpassing the record set on March 19 this year. Before that, one would need to look back to 2008 for the next largest gain of just 18% in a single trading day. What has the market in such a […]
After a week of panic selling and market struggles, both equities and commodities are beginning to find their footing, providing a reprieve (however brief) from the bear market. Of course, it’s hard to determine how much of today’s rally is short covering versus a slow return to normalcy. While equities have been spooked by coronavirus […]
The oil price wars have begun. Prices are down by the largest amount since the 1991 Gulf War, and agencies are racing to reconsider their price forecasts for the year. The stock market halted trading immediately after reopening due to massive losses. What’s going on? On Friday, Russia fired the first shot of the war. […]
Oil markets are continuing their steep drop, in a sell-off reminiscent of the price crashes seen in 2015-16 and, before that, in 2009. Crude oil and diesel prices have shed nearly 30% of their value since the beginning of the year, while gasoline losses are around 22%. Crude prices are at their lowest level in […]
OPEC hasn’t run out of ideas, Saudi energy minister insists as oil prices slump OPEC and its allied oil-producing nations are still working well together and still have options to try to rebalance global crude markets, Saudi Energy Minister Prince Abdulaziz bin Salman said Tuesday. “We do communicate with each other, we use every opportunity […]
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 […]
