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 […]

OPEC Boosts Output as US Enters “New Phase” of Coronavirus

After extending historic 9.7 MMbpd cuts through July, OPEC+ is now slowly unwinding its production cuts, moving to 7.7 MMbpd. That level will hold through December, downshifting again in January to 5.8 MMbpd. With global oil demand still well below normal levels and coronavirus cases rising around the world, many see the increase as a […]

Economy Recovers as OPEC+ Ease Oil Cuts

On Wednesday, OPEC+ agreed to ease oil supply curbs that occurred in August, in turn dropping oil prices. As the economy tries to rebound from the COVID-19 pandemic, there are fears that the virus could unleash a second wave and compromise the slowly rebounding market. Since May, OPEC+ have cut output by around 10% of […]

OPEC+ to Discuss Plans Today

On Tuesday, WTI Crude closed relatively flat, but is moving higher this morning on bullish inventory news from the API.  The API reported crude inventories fell by 8.32 MMbbls last week.  The EIA this morning only confirmed a draw of 7.5 MMbbls in crude. The large draw would seem to indicate that the supply glut […]

Mid-Week Review – July 15, 2020

Oil slips on surge in COVID-19 infections, U.S.-China tension In the United States, infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state. Numerous states have rolled back the loosening of restrictions on business operations and now require mask-wearing to slow […]

US Added Rigs in June – Will Crude Production Resume?

Yesterday, WTI crude followed US equities higher in the morning session, then lower in the afternoon on coronavirus fears, ultimately closing the day about $1/bbl down. Headlines regarding renewed lockdowns and restrictions in the US and Asia surfaced in the afternoon and put downward pressure on markets.  Concerns that a surge in coronavirus cases could […]

OPEC+ Meets This Week to Review Oil Cuts

A late-breaking price rally on Friday brought crude oil prices back above the $40/bbl threshold, where they remain this morning despite a downward turn. Rising optimism across all financial markets helped deliver a strong close in equities and commodities last week. In addition, NY fuel prices (the trading point for NYMEX diesel and RBOB futures) […]

With Demand Rising, OPEC+ Considers Easing Cuts

On Tuesday, WTI Crude started the morning strongly but dipped in the afternoon session to close the day 1.5% lower. Crude prices are up in early trading this morning on bullish inventory news from the API of a much larger-than-expected draw in crude stocks. Traders are taking the report as a signal of rising demand. […]

Mid-Week Review – July 1, 2020

Oil slips slightly on rising coronavirus cases, returning Libyan supplies Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. Click here to read more from […]

WTI Above $40/bbl as US Gasoline Demand Rises

The markets are roaring higher this morning, with WTI crude trading above $40/bbl once again. Today’s hefty gains come, not from any concrete change, but rather from improving confidence in the reopening economy. If the $40/bbl trading levels hold, today will be the first time WTI crude has closed above $40/bbl since March 6. Gasoline […]

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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