Oil prices are back to the top of their recent range, with WTI crude pushing higher into the $66/bbl range. Fuel prices are also elevated: diesel has traded above $2/gal for the past week, and gasoline has cost more than $2/gal for a full month. With Memorial Day weekend – the kickoff for summer driving […]
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 […]
We’re finally in 2021, and 2020 was a wild ride that saw prices sink to negative $37.63 and rally to close the year at $48.52. In the last two months of the year, prices rallied $12.73. This morning crude is up slightly ahead of an OPEC+ meeting to be held today to discuss February output […]
Crude closed lower on Monday as coronavirus cases continued to mount, and renewed lockdown measures were enacted in the US, Europe, and Asia. Vaccine hopes and OPEC+ supply cut extensions could not outweigh the pessimism caused by the rapidly spreading infection and the growing number of deaths caused by the virus. Crude is continuing its […]
WTI crude closed higher yesterday on EIA inventory news that was more bullish than what the API reported. The API expected a large build in crude, but the EIA reported a small draw. Products had a seasonally expected increase as refiners build stocks in preparation for the spring and higher future demand. Crude is trading […]
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 […]
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 […]
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+ […]
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 […]
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 […]
