Week in Review – March 13, 2020

The crude market experienced one of the worst downturns since 2008 this week.  The major news moving markets was the beginning of the oil price wars between Russia and Saudi Arabia, causing the largest single day drop (over 20%) since the 1991 Gulf War.  News of Saudi Arabia’s plans to pump 25% more crude next […]

Easing Trade Tensions

Oil prices are relatively unchanged this morning.  WTI Crude is trading at $60.91, a loss of 2 cents. Fuel is up in early trading this morning.  Diesel is trading at $2.0225, a gain of 0.2 cents.  Gasoline is trading at $1.6930, a gain of 0.9 cents. On Wednesday, crude prices closed flat after trading lower […]

Markets Move on Inventory News and Hope of Supply Cuts

A larger-than-expected draw reported by the API seems to be putting upward pressure on crude markets this morning.  WTI Crude is trading at $57.15, a gain of $1.05. Fuel is up in early trading this morning.  Diesel is trading at $1.9144, a gain of 3.5 cents.  Gasoline is trading at $1.1.5934, a gain of a […]

Oil Complex Ignoring Bearish News

While there was a build in crude stocks reported by the EIA, there was a sizable draw at Cushing which seems to be lifting prices this morning.  WTI Crude is trading at $57.43, a gain of 42 cents. Fuel is up in early trading this morning.  Diesel is trading at $1.9082, a gain of 1.6 […]

China Economy Weakens but OPEC Not Concerned

Friday saw some bumpy trading action for oil markets, with oil prices slipping in the morning before rising again heading into the close. Weakened trade sentiments are weighing on oil this morning. Crude oil is currently trading at $56.45, down 79 cents from Friday’s close. Fuel prices are sinking lower as well after small losses […]

Saudi Aramco Officially Going Public

Oil prices roared higher on Friday thanks to surprisingly strong economic reports in the US and China. Today those gains continue. WTI crude oil is trading at $57.01, a gain of 80 cents (1.4%). Fuel prices are also zipping higher. Diesel is trading at $1.9568, up 2.4 cents (1.2%) from Friday’s close. Gasoline prices are […]

Bulls Held Up by Inventory News Again

Rising crude stocks are putting downward pressure on prices again this morning.  WTI Crude is trading at $53.77, a loss of 71 cents. Fuel is down this morning.  Diesel is trading at $1.9261, a loss of 1.8 cents.  Gasoline is trading at $1.5989, a loss of a penny. On Tuesday, crude prices rose on positive […]

Rick Perry Resigns from DOE

Oil prices are reversing last week’s gains amid further deterioration in US trade relations, with both China and the EU. Crude oil is currently trading at $53.36, down 42 cents. Fuel is also down this morning.  Diesel is trading at $1.9347, a loss of 1.2 cents.  Gasoline is also lower, trading at $1.6059, down 1.7 […]

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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