Oil prices catapulted to new highs this morning before turning lower due to broader financial pressures and a rising US dollar. Last week, the world waited for an OPEC+ deal to increase production later this year – a deal that did not materialize. After three votes, the group cancelled its meeting for Monday, walking away […]
OPEC+ talks have stalled this week due to disagreements between member countries. Saudi Arabia and Russia agreed yesterday to increase production gradually by 2 MMbpd by the end of the year. The agreement would also extend the cuts, which are slated to end in April 2022, through the end of 2022. However, objections from the […]
Yesterday, oil prices eked out moderate gains, extending the streak of gains to four days. The US economy is on a hot-streak, and a strong jobs report maintained the upward momentum. While traders are primarily focused on the economy and vaccine rollouts, there’s also plenty of old school geopolitical risk to stoke concerns, too. Saudi […]
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 […]
Crude closed higher yesterday and is continuing its gains in early trading this morning. News out of China of increased quotas for next year and OPEC+ chatter around continuing supply cuts into the first quarter are helping to lift markets this morning. China’s Ministry of Commerce announced a 20% increase in the quota for use […]
WTI crude and products are up somewhat this morning, trading sideways at times as markets consider a growing second wave of coronavirus cases around the world. The US has seen 30,000 to 35,000 new cases per day in September but is now back up to 50,000 daily new cases. These kinds of statistics are causing […]
IEA forecasts a serious, ongoing oil demand hit from Covid-19 After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday. Even in that case, which is the most optimistic scenario for oil considered by […]
On Wednesday, WTI Crude fought its way back from nearly $1/bbl down to finish the US session unchanged. In early trading this morning, crude prices are down slightly as investors consider the surprise increase in crude and diesel inventories. Russian President Vladimir Putin gave his government the green light to consider hedging Russia’s oil and […]
Brent climbed above $40 for the first time in 3 months on hopes of extended production cuts The world’s biggest oil producers are expected to meet as early as Thursday, according to Reuters which cited sources as saying OPEC+ members may bring forward a meeting originally scheduled for June 9-10. While Russia and other members […]
On Tuesday, WTI Crude jumped higher on news that Saudi Arabia and Russia reached a preliminary agreement to extend the current supply quotas for another month before tapering back cuts. A bullish API inventory report also helped to lift markets. Crude is down in trading this morning after yesterday brought prices to their highest levels […]
