Week in Review – August 7, 2020

WTI Crude finished the week higher amid a large crude draw mid-week and falling rig counts. Higher refinery utilization helped WTI crude stocks fall this week, but demand for products could not soak up all the excess production as distillates and gasoline inventories increased. Rig counts have fallen 67% from March highs to 263 active […]

OPEC Boosts Output as US Enters “New Phase” of Coronavirus

After extending historic 9.7 MMbpd cuts through July, OPEC+ is now slowly unwinding its production cuts, moving to 7.7 MMbpd. That level will hold through December, downshifting again in January to 5.8 MMbpd. With global oil demand still well below normal levels and coronavirus cases rising around the world, many see the increase as a […]

US Added Rigs in June – Will Crude Production Resume?

Yesterday, WTI crude followed US equities higher in the morning session, then lower in the afternoon on coronavirus fears, ultimately closing the day about $1/bbl down. Headlines regarding renewed lockdowns and restrictions in the US and Asia surfaced in the afternoon and put downward pressure on markets.  Concerns that a surge in coronavirus cases could […]

Trump to Cut China Out of US Supply Chains

After the first weekly gains in a month, oil markets are still rising despite the latest news on COVID-19. This week, that news is less about health than about politics. Last week, President Trump threatened to impose tariffs on China as punishment for allegedly hiding early information on the COVID-19 threat. This week, the aggressive […]

Today’s Market Trend

Crude prices are down slightly to $46.50 this morning, losing a minor 4 cents this morning. Prices opened this morning 60 cents higher than Friday’s opening price. Prices have fallen slightly since today’s open, with no fundamental news driving price action. Diesel price are $1.5137, down 13 points since yesterday. Prices opened this morning 2.4 […]

Today’s Market Trend

WTI crude prices are in the $43.00/b-$43.50/b range this morning. Prices strengthened modestly on Friday, closing at $43.01/b, which was a gain of $0.21 for the day. The week as a whole nonetheless ended in the red, down by $1.67 between Monday’s opening and Friday’s close. WTI opened at $43.16/b today, up by $0.36, or […]

Today’s Market Trend

WTI crude prices are in the $49.25-$49.50/b range this morning. WTI opened at $49.93/b today, a significant recovery of $1.18, or 2.42%, above Friday’s opening price. Current prices are $49.40/b, back down by $0.40 below Friday’s closing price. Diesel opened at $1.5621/gallon this morning. This was a recovery of 1.5 cents (0.97%) above Friday’s opening […]

Today’s Market Trend

Analysis by Dr. Nancy Yamaguchi WTI crude prices continued to slide yesterday, and prices are having a difficult time clinging to $52/b this morning. WTI opened at $51.83/b today, $1.92/b below yesterday’s opening price, and the lowest opening price since December 16th. Current prices are $52.07/b, $0.11 above yesterday’s close. Product prices also dropped steeply, […]

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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