FUELSNews will resume on Monday, April 5. The Mansfield Supply & Marketing Team wish you a peaceful Good Friday! Despite a small surprise draw in crude inventories, crude prices ended Wednesday off by nearly a dollar. Fuel prices also shed 2-3 cents. Markets are watching OPEC+ for a decision today about their future production. Most […]
After pulling back moderately yesterday, oil markets are trading steady as they await the EIA’s weekly inventory data, Biden’s new infrastructure plan, and more news regarding OPEC’s future production strategy. So far, OPEC members seem aligned on maintaining their current strategy. A month ago, the group was scorned for maintaining cuts in the face of […]
Crude Oil Price Forecast – Crude Oil Markets Continue Noisy Behavior The West Texas Intermediate Crude Oil market has been all over the place during the trading session on Monday as we continue to see conflicting headlines cause major issues. For example, the tanker in the Suez Canal has finally been moved, but at this point in […]
Oil price volatility continues this week, with huge up-and-down movements for oil prices each day. Yesterday, oil prices once again plummeted, approaching Tuesday’s low closing level. Some of the volatility is driven by the Suez Canal blockage. There are ships on both sides trying to pass through, and a surprise tanker delivery (or a decision […]
EIA expects crude oil prices to rise through April because of lower OPEC production In its March Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $64 per barrel (b) in the second quarter of 2021 and then fall to less than $60/b through the end of […]
Oil prices surged to multi-year highs on Monday morning, with an attack on Saudi oil infrastructure adding to market risk estimates. When those attacks did not yield any damage, prices fell back to pre-attack levels, continuing to fall even lower as the week continued. Fuel market turmoil has plagued many parts of the US. Refinery […]
Thursday brought a huge up-trend for oil markets, supported by the passage of the $1.9 trillion stimulus package in the US and a bullish monthly report from OPEC. The stimulus package was signed on Thursday by President Biden, providing a huge financial injection for the economy and more funding for vaccine distribution. The Wall Street […]
Let’s start off with the most important fundamental market news this week – Groundhog Day! Punxsutawney Phil saw his shadow, heralding six more weeks of winter weather. Of course, the creature only has a 39% accuracy rate – worse than flipping a coin! – so perhaps we ought to presume the opposite of his prediction […]
Oil prices continued their rally through this morning, buoyed by OPEC+’s commitment yesterday to maintain current production cuts. The committee agreed to extend cuts into February and March. OPEC+ will meet in March to review plans for the rest of the year. Yesterday’s meeting shows the group remains committed to keeping markets undersupplied this year, […]
Oil prices are still climbing this morning after setting a new multi-month high yesterday. Prices settled just shy of the $55/bbl threshold, but they are making a second attempt today to clear the hurdle. After weeks of trading within a $2/bbl range, this week has brought a decisive change as prices move higher. Notably, the […]
