Yesterday, oil started the session over2% lower after OPEC officials scrapped plans for an emergency meeting in February. OPEC+ plans to keep to its scheduled meeting coming up in March. Russia is still considering the further cuts of 600 kbpd suggested by Saudi Arabia. Russia’s Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince […]
Last week crude closed the week higher on the potential for deeper OPEC+ cuts and Chinese economic stimulus due to the coronavirus. In early trading this morning the market is giving back some of last week’s gains as markets asses the crude demand decline from the coronavirus versus the stimulus measures being rolled out to […]
In a continuation of yesterday’s gains, crude prices are higher this morning. Markets continue to consider possible further cuts by OPEC+ as OPEC’s Monthly Oil Market Report is released this morning. OPEC’s estimate of 2020 demand growth has now been revised down by 0.23 mmbpd to +0.99 mmbpd versus the EIA also revising demand growth […]
The turkey hangover seeped into markets on Friday, bringing the largest price drop since October. WTI crude gave up just shy of $3/bbl, falling from over $58/bbl to just above $55/bbl. This morning, prices are rallying back once again. Crude oil is trading at $56.39, up $1.22 cents. Fuel prices also crashed lower, with diesel […]
The crude market was up for the week. The market was down to start the week as it dealt with pessimistic trade news. In addition, Russia had announced it was against deeper supply cuts. The oil complex seemed to ignore any bearish news to end the week and it surged higher on even the slightest […]
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 […]
While there was a larger-than-expected build in crude stocks reported by the API, there was a draw at Cushing which seems to be putting upward pressure on prices this morning. WTI Crude is trading at $55.66, a gain of 45 cents. Fuel is up in early trading this morning. Diesel is trading at $1.8743, a […]
U.S. oil futures mark lowest finish so far this month Oil futures fell on Tuesday, with U.S. prices settling at their lowest so far this month. A report from Reuters said Russia would likely commit to extend an existing pact to curb output at the early December meeting of the Organization of the Petroleum Exporting […]
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 […]
A build at Cushing is putting downward pressure on prices this morning. WTI Crude is trading at $55.34, a loss of 20 cents. Fuel is mixed this morning. Diesel is trading at $1.9544, a fractional loss. Gasoline is trading at $1.6975, a gain of 1.2 cents. On Tuesday, crude prices fell after mixed news from […]
