Rising Rigs Restore Rally

Rising rig counts and storms brewing in the Gulf of Mexico are giving markets a lift this morning. Reuters reports 58% of Gulf output – over 1 MMbpd – is offline as the storms approach. With both storms hitting the Gulf Coast in a few days, the output loss could materially impact next week’s crude […]

Tropical Storm Isaias Eyes the Northeast

Yesterday, WTI crude closed higher on better than expected manufacturing data coming from Asia, Europe, and the US. The data would seem to indicate that the worst of the impact from the pandemic is behind us. Crude is continuing to trend higher this morning as it rallies from earlier lows. Isaias made landfall as a […]

Mid-Week Review – July 8, 2020

April Shows Record Crude Inventory Increase No surprise, April was a pretty rough month for the petroleum industry. Demand plummeted, prices turned negative, and inventories swelled. As it turns out, inventories actually rose faster than they ever have, adding 47 million barrels (+10%) in April. Click here to read more from the EIA.   Russian […]

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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