Due to the upcoming holidays, FUELSNews will resume its regular schedule on Monday, January 4. We wish you and your families a very blessed, safe, and happy holiday season. On Tuesday, WTI crude closed lower but is clawing back some of those losses in early trading this morning. Bullish inventory news from the EIA is […]
Crude is lower in early trading this morning, continuing yesterday’s losses. Prolonged uncertainty in the US election is weighing on markets as Trump is suggesting the election process is not playing out fairly. Trump has begun filing lawsuits in several states to remedy what he believes are illegal practices in the election process. So far […]
Oil prices are rising this morning despite rising coronavirus cases worldwide. Russia declared they would be willing to maintain deeper production cuts in 2021 if required, though they left open the question of what will be required. Looking ahead, Goldman Sachs reiterated its bullish stance on oil prices in 2021, with rising inflation and a […]
WTI crude finished the week relatively unchanged after an up and down week of trading. OPEC met on Monday and reiterated that it would support a balanced market. Saudi Arabia stated, “No one should doubt the group’s commitment to providing support.” Still, the group did not formally commit to maintaining current production levels. Markets are […]
WTI crude is down this morning after President Trump called for a halt to economic stimulus negotiations until after the election. This announcement came just hours after Fed Chairman Jerome Powell reiterated the need for more stimulus. This morning, Trump has changed his messaging again, saying he’s willing to sign a narrow deal that only […]
Oil markets are continuing to rally this morning, with no particular catalyst for the rise. In fundamental news, Libya’s production has risen to 290 kbpd – nearly triple the level a few months ago, but well below their 1.2 million barrel per day capacity. A Norweigian oil worker strike is counteracting Libya’s added supply, though, […]
The market is springing higher this morning, erasing most of Friday’s losses on news that President Trump’s condition is improving. Markets sold off last week in a wave of uncertainty. Virtually every media source has turned to questioning how President Trump’s test would affect mandatory quarantines, the election, and even national security. This morning, reports […]
Oil is tanking this morning on the news that President Trump has tested positive for the coronavirus. US and European equities markets are dropping this morning and commodities in the US are falling as well. Crude has been down as much as 4% in early trading this morning. The news of the President’s infection raises […]
The week began with optimism regarding a stimulus package being discussed in the House. Democratic leaders proposed a new $2.2 Trillion bill to inject cash into the US economy. While both sides of the aisle agree stimulus is needed, they disagree on how much money should be spent. In inventory news, a surprise draw in […]
On Tuesday, WTI crude followed US equities lower, closing 7.6% down for the day. The market was inundated with bearish news, including slowing crude demand coming from China and rising coronavirus cases around the world. The market is recouping some of yesterday’s losses in early trading this morning. President Trump gave direction to the Environmental […]
