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 […]

OPEC Pledges to Support Crude Market

Crude is down this morning and is feeling some pressure from the concern around demand loss from rising coronavirus cases. Reports on Monday showed that coronavirus around the world topped over 40 million cases. This second wave of cases in North America and Europe is triggering various degrees of lockdowns and restrictions which may impact […]

Hurricane Delta Closing Down Production

On Wednesday, WTI crude closed near the $40 mark on the hopes of a narrow stimulus deal being passed as had been proposed by President Trump.  While negotiations have stalled for a large, broad stimulus package, the hope is that a small targeted deal could be passed before the election. Crude is up in early […]

Growing Libyan Supplies Stir Market Woes

On Tuesday, WTI crude closed down $1.31 (-3.2%).  The return of nearly 300 kbpd from Libyan oil fields helped to push prices lower. The lifting of the Libyan blockade is currently only temporary – lasting until mid-October – until a final agreement is reached, but the effects of returning supply to the market is significant. […]

Mid-Week Review – September 30, 2020

Oil Loses Ground Amid Worries About The Pace Of Oil Demand Recovery Oil moved below the $40 level as concerns about the future pace of oil demand recovery weighed on prices.  In addition, traders were a bit nervous ahead of the first U.S. presidential debate between Donald Trump and Joe Biden. Click here to read […]

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 […]

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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