Fuel Sheds 3+ Cents on Lost Unemployment Benefits

Following a long holiday weekend, fuel markets are opening this morning with moderate losses. Repair efforts continue in Louisiana and Mississippi – nearly half a million remain without power, and 84% of offshore crude oil production is offline. For refiners, a bit over half of the 2 million barrels per day taken offline by the […]

Oil Continues to Fall with OPEC+ Variability

For a third day straight, oil prices have fallen since OPEC failed to reach a production increase agreement earlier this week. This morning crude opened at $72.17, diesel at $2.0849, and gasoline at $2.2049. Analysts suggest an agreement to raise production may be out of the question for the near-term, as Saudi Arabia and the […]

OPEC+ Extends Talks, UAE Objects to Deal

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 […]

Geopolitical Tensions Flair in Saudi Arabia, Ukraine

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 […]

More Volatility from Suez Canal, OPEC Meeting, and COVID

Oil price volatility continues this week, with huge up-and-down movements for oil prices each day. Yesterday, oil prices once again plummeted, approaching Tuesday’s low closing level. Some of the volatility is driven by the Suez Canal blockage. There are ships on both sides trying to pass through, and a surprise tanker delivery (or a decision […]

As New Cuts Take Effect, Analysts Warn of Future Supply Crunch

After putting in quite a run on Friday morning, WTI crude closed last week at its lowest level since Jan 7 – though that’s not exactly saying much, as the product has yet to escape the $52-$53 range. This morning, Saudi Arabia’s incremental 1 MMbpd of cuts go into effect, markets are moving higher in […]

Oil Flat amid Slew of OPEC, Demand, and Political News

Yesterday, the OPEC+ production agreement continued to surprise markets when Saudi Arabia announced they would voluntarily shoulder an additional 1 MMbpd in cuts. Under the new arrangement, Russia and Kazakhstan will slightly increase their output (by a paltry 75 kbpd) while other producers maintain current cuts.  The announcement propelled WTI crude prices briefly above $50/bbl, […]

Weekly Round-up – January 6, 2020

EIA’s Best of 2020 Read the highlights of a hectic year from the pre-eminent governmental energy agency. Click Here to read more from the EIA. Oil Tops $50 With Saudis Pledging a Surprise Unilateral Cut Oil surged to its highest since February after Saudi Arabia pledged to voluntarily cut output by an extra 1 million […]

OPEC+ Stalemate, Deliberations Continue Today

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 […]

Strikes, Storms, Sickness, and Saudis – and Soaring Oil

Oil markets are continuing to rally this morning, with no particular catalyst for the rise. In fundamental news, Libya’s production has risen to 290 kbpd – nearly triple the level a few months ago, but well below their 1.2 million barrel per day capacity. A Norweigian oil worker strike is counteracting Libya’s added supply, though, […]

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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