This morning the IEA released their market report, highlighting both the ongoing economic recovery and the contrasting concerns over new virus variants. The IEA warns of a significant slowdown in demand recovery in the weeks to come due to unforeseen COVID-19 variant spread rates. According to the IEA, global oil demand will rise 5.3 mb/d […]
Oil Prices Climb On Huge Inventory Draw The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 8.537-million barrels for the week ending June 11. Analysts had predicted a much smaller draw of 3.290 million barrels for the week. In the previous week, the API reported a draw in oil […]
On Wednesday, WTI crude closed near the $40 mark on the hopes of a narrow stimulus deal being passed as had been proposed by President Trump. While negotiations have stalled for a large, broad stimulus package, the hope is that a small targeted deal could be passed before the election. Crude is up in early […]
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 […]
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 […]
Dilemma for Oil Refiners as Surging Ship Costs Kill Margins U.S. sanctions on Chinese shipping companies and Friday’s attack on an Iranian tanker have turbo-charged transport costs, with rates on the Persian Gulf to China route at almost six times this year’s average. Click here to read more from Bloomberg. Russia Aims To Ditch The […]
Reports of the Chinese being willing to accept a partial trade deal are lifting markets this morning. WTI Crude is trading at $53.36, a gain of 73 cents. Fuel is up this morning. The API reported larger-than-expected draws in products are helping to buoy prices. Diesel is trading at $1.9344, a gain of 2.4 cents. […]
Oil prices are getting a lift this morning, a break from the five-day down streak the market has experienced since last week. Crude oil is currently trading at $54.51, up 44 cents. Fuel prices are also moving a bit higher, though the switch to November futures contracts has gasoline trading a bit lower than October […]
Fuel ethanol production capacity in the United States reached 15.5 billion gallons per year, or 1.01 million barrels per day (b/d), at the beginning of 2017, according to EIA’s most recent U.S. Fuel Ethanol Plant Production Capacity report. Total capacity of operable ethanol plants increased by about 4%—or by more than 600 million gallons per […]
In North America, shared borders stimulate trade. Mexico’s top trading partner is the United States. The United States’ top trading partner is Canada, followed closely by Mexico. In this briefing, we compare and contrast crude oil production in Mexico and the U.S. Both the U.S. and Mexico possess massive oil resources. Mexico nationalized its oil […]
