Oil Flat amid Slew of OPEC, Demand, and Political News

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, […]

Weekly Round-up – January 6, 2020

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 […]

OPEC+ Stalemate, Deliberations Continue Today

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 […]

The Return of Iranian Crude Looms Over the Market

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 […]

OPEC Tapering Cuts Spurs Fresh Crude Highs

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 […]

Week in Review – December 4, 2020

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 […]

All Eyes on OPEC+ Meeting Today

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 […]

Builds in Crude and Products Pressure Markets

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 […]

Mid-Week Review – December 2, 2020

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 […]

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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