Yesterday, the OPEC+ production agreement continued to surprise markets when Saudi Arabia announced they would voluntarily shoulder an additional 1 MMbpd in cuts. Under the new arrangement, Russia and Kazakhstan will slightly increase their output (by a paltry 75 kbpd) while other producers maintain current cuts. The announcement propelled WTI crude prices briefly above $50/bbl, […]
EIA’s Best of 2020 Read the highlights of a hectic year from the pre-eminent governmental energy agency. Click Here to read more from the EIA. Oil Tops $50 With Saudis Pledging a Surprise Unilateral Cut Oil surged to its highest since February after Saudi Arabia pledged to voluntarily cut output by an extra 1 million […]
Crude closed down yesterday as OPEC+ met but could not agree on February production levels. The market is up in early trading this morning amid rising tension in the Strait of Hormuz after a South Korean tanker was seized by Iran on Monday. Middle East tensions are often a cause of rising crude prices, and […]
We’re finally in 2021, and 2020 was a wild ride that saw prices sink to negative $37.63 and rally to close the year at $48.52. In the last two months of the year, prices rallied $12.73. This morning crude is up slightly ahead of an OPEC+ meeting to be held today to discuss February output […]
Crude closed lower on Monday as coronavirus cases continued to mount, and renewed lockdown measures were enacted in the US, Europe, and Asia. Vaccine hopes and OPEC+ supply cut extensions could not outweigh the pessimism caused by the rapidly spreading infection and the growing number of deaths caused by the virus. Crude is continuing its […]
Oil prices are moving to new highs this morning following OPEC+’s decision yesterday to taper its production cuts slightly. Since August, the group has been cutting 7.7 MMbpd. When their agreement was first struck early in 2020, the plan was to reduce cuts to just 5.7 MMbpd in January 2021. Markets had suspected that OPEC […]
This week has focused squarely on OPEC+’s decision on whether or not to amend the 1.9 MMbpd reduction in supply cuts scheduled for January. Originally scheduled to decide early in the week, the meeting had to be postponed to allow consensus to grow. On Thursday, the group officially decided to taper cuts in January by […]
WTI crude closed higher yesterday on EIA inventory news that was more bullish than what the API reported. The API expected a large build in crude, but the EIA reported a small draw. Products had a seasonally expected increase as refiners build stocks in preparation for the spring and higher future demand. Crude is trading […]
On Tuesday, WTI crude closed lower on pessimistic news of a delayed meeting by OPEC+ regarding continuation of current supply cuts into next year. Crude is trading sideways this morning, but is feeling downward pressure from bearish inventory news from the API. Yesterday, the API reported a surprise build in crude and stock increases in […]
Oil prices drift lower as traders await OPEC+ decision on production curbs Oil futures edged lower Wednesday, with traders awaiting a decision by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, on whether to relax existing curbs on crude output next month. Click here to read more from […]
