Each week, traders eagerly awake 1030am EST on Wednesdays – when the EIA releases its weekly petroleum market report. The data contains details on many useful statistics, including supply, demand, refining trends, and imports/exports. One detail, however, stands out from the rest – how much of each product does the US have in inventory? The […]
On Wednesday, OPEC+ agreed to ease oil supply curbs that occurred in August, in turn dropping oil prices. As the economy tries to rebound from the COVID-19 pandemic, there are fears that the virus could unleash a second wave and compromise the slowly rebounding market. Since May, OPEC+ have cut output by around 10% of […]
As traders refocus on macroeconomic fears, oil followed equities lower yesterday, extending the streak of crude oil price losses to seven days. EIA reports of a larger-than-expected build in crude put downward pressure on markets. WTI Crude is trading at $52.50, a loss of 14 cents. Fuel is mixed this morning. Diesel is trading at […]
Oil has traded within a $58-$59 range for a week now following the Saudi attacks last week. While that’s on the high end of 2019’s $50-$60 range, there has not been a marked break above the range, highlighting how flexible markets have become over the last few years as American oil has dominated the global […]
Oil prices collapsed on June 7th. They had been on a downward path since the close of the OPEC-NOPEC meeting on May 25th, but news of a potentially large drawdown in crude stocks appeared to arrest the downward trend on Tuesday, June 6th. The American Petroleum Institute (API) reported that crude inventories dropped by 4.6 […]
