Week in Review – March 10, 2023

Oil markets are expecting a busier than usual maintenance season over the next few months, meaning less supply in the short-term. Last year, refiners delayed projects due to high 3:2:1 crack spreads; now, they’re making up for it with more maintenance than usual. Refinery utilization is hovering around 86% as a result of planned downtime, […]

Strikes, Storms, and Storage Reports

Fuel markets shot higher yesterday following the EIA’s report, which showed declining inventories and declining refining activity. Hurricane Ian made landfall in Florida yesterday, bringing devastation for fuel markets in the center of the state. In France, labor strikes have shut off a large chunk of refining capacity, with winter just a few months away. […]

Winter Storm Pushes Oil to 13-Month Highs

Frigid temperatures throughout the US created havoc for oil markets, increasing heating oil and natural gas demand. The winter storm shut down several hundred thousand barrels per day of Texas oil production (references to “hell freezing over” come to mind), and the state is seeing 30-yr record low temperatures. With supplies cut, WTI crude oil […]

Today’s Market Trend

Analysis by Dr. Nancy Yamaguchi WTI crude prices were unable to cling to $53/b overnight, and they are back in the neighborhood of $52.50-$53/b. WTI opened at $52.95/b today, an increase of nine cents from yesterday’s opening price. Current prices are $52.64/b, $0.54 below yesterday’s close. The API released its data on oil stocks yesterday, […]

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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