Oil Rebounds on Russia Sanctions

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 […]

Chinese Stimulus Not Enough to Sustain Gains

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 […]

OPEC and EIA Revise Down Demand Growth

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 […]

Prices Rebound after Huge Drop on Friday

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 […]

Week in Review – November 22, 2019

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 […]

Oil Complex Ignoring Bearish News

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 […]

Russia Against Deeper Supply Cuts

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 […]

Mid-Week Review – November 20, 2019

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 […]

China Economy Weakens but OPEC Not Concerned

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 […]

Crude Draw, but Build at Cushing

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 […]

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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