Builds in Crude and Products Pressure Markets

On Tuesday, WTI crude closed lower on pessimistic news of a delayed meeting by OPEC+ regarding continuation of current supply cuts into next year. Crude is trading sideways this morning, but is feeling downward pressure from bearish inventory news from the API. Yesterday, the API reported a surprise build in crude and stock increases in […]

Mid-Week Review – December 2, 2020

Oil prices drift lower as traders await OPEC+ decision on production curbs Oil futures edged lower Wednesday, with traders awaiting a decision by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, on whether to relax existing curbs on crude output next month. Click here to read more from […]

OPEC+ Meeting Delayed Due to Disagreements

Crude closed down slightly yesterday. It is continuing to lose ground in early trading this morning. Pessimistic news coming out of the OPEC+ meeting is putting downward pressure on the market. The OPEC+ meeting scheduled for today has been pushed back to Thursday due to disagreements among members regarding continuing supply cuts next month. OPEC+ […]

Mid-Week Review – November 18, 2020

Oil bidding war underway among Asian refiners Physical cargoes of crude oil from Russia, the U.S. and the Middle East were getting snapped up at higher prices as buyers across Asia entered a bidding war to secure supplies. Chinese demand also grew after private refiners received crude-import quotas that were 20% larger than last year’s […]

Saudi Arabia Calls on OPEC+ to be Flexible

On Tuesday, WTI crude closed slightly higher even in the face of bearish inventory news. The API reported a larger-than-expected build in crude stocks but traders seemed to pin hopes on OPEC+ supply cuts and even rosier vaccine news. Pfizer announced yesterday that their vaccine was even more effective in late stage trials than originally […]

China Increases Quota by 20% for 2021

Crude closed higher yesterday and is continuing its gains in early trading this morning.  News out of China of increased quotas for next year and OPEC+ chatter around continuing supply cuts into the first quarter are helping to lift markets this morning. China’s Ministry of Commerce announced a 20% increase in the quota for use […]

OPEC Leader Cautiously Optimistic

Crude closed down over 3% on Monday, following US equities lower as traders wrestled with rising numbers of coronavirus cases as well as the diminishing possibility of a US stimulus deal before the election. Crude is trading higher this morning as the storm churning in the Gulf is temporarily shutting in supply. Gulf of Mexico […]

Markets are Rebounding from Rising Pressures

On Wednesday, WTI crude was down sharply on news from the EIA of a surprise build in gasoline stocks which is a proxy for gasoline demand. Rising coronavirus cases in the US and Europe are causing concern around a second wave of lockdowns and restrictions putting a dent in demand recovery. According to the EIA, […]

Fear of Rising Supply Pressures Market

On Tuesday, WTI crude closed up following US equities higher on the hope of a stimulus package making progress before the election.  While chances of passing a stimulus package before November are slim, the markets are closely following news about progress. Crude is down in early trading this morning. A surprise build in US inventories […]

Mid-Week Review – October 21, 2020

Oil prices aren’t going anywhere until the election Oil remains anchored at around $40 per barrel, awaiting a new direction. Coronavirus cases are on the rise and raise new concerns about demand as travel restrictions begin to increase. In the U.S., the market is hoping for federal stimulus but odds look remote until after the […]

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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