OPEC Leader Cautiously Optimistic

Crude closed down over 3% on Monday, following US equities lower as traders wrestled with rising numbers of coronavirus cases as well as the diminishing possibility of a US stimulus deal before the election. Crude is trading higher this morning as the storm churning in the Gulf is temporarily shutting in supply. Gulf of Mexico […]

Markets are Rebounding from Rising Pressures

On Wednesday, WTI crude was down sharply on news from the EIA of a surprise build in gasoline stocks which is a proxy for gasoline demand. Rising coronavirus cases in the US and Europe are causing concern around a second wave of lockdowns and restrictions putting a dent in demand recovery. According to the EIA, […]

Fear of Rising Supply Pressures Market

On Tuesday, WTI crude closed up following US equities higher on the hope of a stimulus package making progress before the election.  While chances of passing a stimulus package before November are slim, the markets are closely following news about progress. Crude is down in early trading this morning. A surprise build in US inventories […]

Mid-Week Review – October 21, 2020

Oil prices aren’t going anywhere until the election Oil remains anchored at around $40 per barrel, awaiting a new direction. Coronavirus cases are on the rise and raise new concerns about demand as travel restrictions begin to increase. In the U.S., the market is hoping for federal stimulus but odds look remote until after the […]

OPEC Pledges to Support Crude Market

Crude is down this morning and is feeling some pressure from the concern around demand loss from rising coronavirus cases. Reports on Monday showed that coronavirus around the world topped over 40 million cases. This second wave of cases in North America and Europe is triggering various degrees of lockdowns and restrictions which may impact […]

Surging Infections Trouble Market

WTI crude is down sharply in early trading this morning. New restrictions to slow the surge of coronavirus cases has increased uncertainty about the pace of economic and fuel demand recovery: London: Tighter COVID-19 restrictions are expected to take effect starting at midnight on Friday. France: Nearly a third of the population is under a […]

OPEC+ – Will They Balance the Market or Stick to Their Plan

WTI crude and products are up somewhat this morning, trading sideways at times as markets consider a growing second wave of coronavirus cases around the world. The US has seen 30,000 to 35,000 new cases per day in September but is now back up to 50,000 daily new cases.  These kinds of statistics are causing […]

Mid-Week Review – October 14, 2020

IEA forecasts a serious, ongoing oil demand hit from Covid-19 After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday. Even in that case, which is the most optimistic scenario for oil considered by […]

Norway Strike in Mediation, Eases Market

After a week of rallying prices, oil markets are taking a breather. Crude oil prices are pulling back slightly, and fuel prices are seen varying degrees of losses as well. The strike in Norway continues to escalate, becoming a surprisingly important global oil event. Protesters have warned that if no concessions are made on wages […]

Week in Review – October 9, 2020

WTI crude finished higher this week. After heavy speculation over the weekend about the President’s health, the market rose on Monday on news that Trump was recovering from the coronavirus.  News of his recovery erased much of the previous week’s losses to start this week. Trump called for a halt to stimulus negotiations, then reversed […]

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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