Trump Says End of Oil Price War in Sight

Yesterday, crude prices finished down but slightly stronger than the morning on news that Russia would not increase production into next month.  Crude oil futures have jumped this morning by over 20% after President Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.  Trump said […]

Trump and Putin Agree to Talks on Stabilizing Energy Markets

Yesterday, crude oil and refined fuels futures prices fell sharply, with WTI crude briefly dipping below $20 bbl after the United States announced extended travel restrictions and social distancing guidelines to last through the end of April, further denting the outlook for global oil demand. Crude prices are up this morning after climbing off 18-year […]

Oil Price War Begins

The oil price wars have begun. Prices are down by the largest amount since the 1991 Gulf War, and agencies are racing to reconsider their price forecasts for the year. The stock market halted trading immediately after reopening due to massive losses. What’s going on? On Friday, Russia fired the first shot of the war. […]

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 […]

China Oil Demand Down 20%

Anonymous Chinese energy officials have hinted that Chinese oil demand is down by 3 million barrels per day currently – more than ten times original estimates from Goldman Sachs. If confirmed, this loss of 20% of China’s consumption would be the most severe global demand drop since the 2008-09 Great Recession, when oil prices fell […]

OPEC Cuts Elevate Markets

Oil prices are lower early Monday amid profit taking from last week’s gains. Crude oil is currently trading at $58.41, down 79 cents. Fuel is also down this morning.  Diesel is trading at $1.9278, a loss of 2.4 cents.  Gasoline is also lower, trading at $1.6289, down 1.9 cents. On Friday, crude prices rose following […]

OPEC Meeting, Saudi Threats

OPEC rumors and bullish inventory news are lifting the markets.  WTI Crude is trading at $58.83, a gain of 40 cents. Fuel is up in early trading this morning.  Diesel is trading at $1.9373, a gain of 1.4 cents.  Gasoline is trading at $1.6228, a gain of 1.9 cents. On Wednesday, crude prices rose more […]

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 […]

US Deemed a Net Oil Exporter

Crude is down on negative trade sentiment. Crude prices continue to be lower this morning following negative sentiment out of China surrounding Trump’s comment that there was no agreement on phasing out tariffs.  A Chinese government source was quoted by CNBC as saying there was “gloom” in Beijing about prospects for a trade compromise.  Crude […]

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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