OPEC+ to Discuss Plans Today

On Tuesday, WTI Crude closed relatively flat, but is moving higher this morning on bullish inventory news from the API.  The API reported crude inventories fell by 8.32 MMbbls last week.  The EIA this morning only confirmed a draw of 7.5 MMbbls in crude. The large draw would seem to indicate that the supply glut […]

Mid-Week Review – July 15, 2020

Oil slips on surge in COVID-19 infections, U.S.-China tension In the United States, infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state. Numerous states have rolled back the loosening of restrictions on business operations and now require mask-wearing to slow […]

Will Supply and Demand Ever Return?

Oil is trading sideways this morning following a long Independence Day holiday weekend for US traders. Declining oil production is counteracting the rising COVID-19 cases, keeping markets in limbo. US active oil rig counts continued their decline, falling to just 185 rigs according to Baker Hughes data released on Friday. Including natural gas rigs, total […]

IEA Raises 2020 Oil Demand Forecast

Yesterday, WTI crude tracked with US equities to finish the session higher.  Prices continue to advance in early trading this morning based upon better OPEC+ compliance by cartel members with record production cuts. The International Energy Agency (IEA) increasing demand forecasts for 2020 is also moving markets today. In its monthly report, the IEA forecast […]

Russia Wants to Bring Production Back Online

On Tuesday, WTI Crude was supported by the market’s growing confidence in OPEC+’s ability to bring the market into balance. Markets closed yesterday with gains near 2% after data showed an uptick in demand as more cars get back on the road.  In early trading this morning, the market is giving back some of yesterday’s […]

Fed Chairman States – Don’t Bet Against America

Yesterday, WTI crude broke into the $30 price range for the first time since the 1st quarter of this year. Prices are continuing their upward trend in early trading this morning. The negative prices of last month seem like a distant memory as the June contract prepares to expire while holding onto gains. Several factors […]

IMF Cuts Global Growth Forecast Again

Prices are flat this morning as the specter of slower economic growth is weighed against potential OPEC cuts.  WTI Crude is trading at $52.87, a gain of 6 cents. Fuel is mixed this morning.  Diesel is trading at $1.9196, a gain of 1 cent.  Gasoline is trading at $1.6081, a loss of 0.6 cents. On […]

Markets Rise on Lower Output and Equity Gains

Oil prices are getting a lift this morning, a break from the five-day down streak the market has experienced since last week. Crude oil is currently trading at $54.51, up 44 cents. Fuel prices are also moving a bit higher, though the switch to November futures contracts has gasoline trading a bit lower than October […]

Mid-Week Review – September 25, 2019

Oil Drops on Signs of Returning Saudi Supply as Doubts Linger Oil fell on signs Saudi Arabia is making progress in restoring output even as uncertainty remains about the kingdom’s ability to bring back all lost supply by the end of the month. Saudi Aramco is returning most of its domestic oil refineries to full […]

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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