Yesterday, crude prices rallied in the afternoon to close the day higher. This rally came about even in the light of bearish inventory news coming from the EIA with the 13th straight week of weekly crude builds. Prices got a jolt from increased US-Iran tensions escalated by a tweet from Trump. In early trading this […]
On Tuesday, WTI Crude future’s May contract rebounded from -$37.63 to expire in positive territory at $10.01. WTI Crude continues to underperform against Brent crude as we see the price spread widen due to tight storage capacity at Cushing. WTI crude is up in early trading on this first morning of trading for the June […]
Yesterday, crude dropped to 18-year lows on bearish demand news from the IEA and on bearish inventory news from the EIA. WTI & ULSD futures extended their losses after the IEA forecasted a record 29 million bpd decline in global oil demand due to the COVID-19 pandemic quarantine efforts. The EIA also reported a record […]
Trump could tariff foreign oil. That won’t end the oil crisis The drama playing out in the oil market is not short on oversized characters. But Vladimir Putin and MBS could soon have to make room for a new player: Tariff Man. President Donald Trump, who proudly calls himself Tariff Man, is threatening to use […]
Yesterday’s 24.7% gain for WTI crude was the largest single-day percentage gain in product’s trading history, surpassing the record set on March 19 this year. Before that, one would need to look back to 2008 for the next largest gain of just 18% in a single trading day. What has the market in such a […]
Yesterday, crude prices finished down but slightly stronger than the morning on news that Russia would not increase production into next month. Crude oil futures have jumped this morning by over 20% after President Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war. Trump said […]
Yesterday, crude oil and refined fuels futures prices fell sharply, with WTI crude briefly dipping below $20 bbl after the United States announced extended travel restrictions and social distancing guidelines to last through the end of April, further denting the outlook for global oil demand. Crude prices are up this morning after climbing off 18-year […]
OPEC hasn’t run out of ideas, Saudi energy minister insists as oil prices slump OPEC and its allied oil-producing nations are still working well together and still have options to try to rebalance global crude markets, Saudi Energy Minister Prince Abdulaziz bin Salman said Tuesday. “We do communicate with each other, we use every opportunity […]
Yesterday morning brought an oil price surge as Trump tweeted that the US and China were on the cusp of finalizing a major trade deal. WTI crude briefly touched $60/bbl this morning, the highest price since the Saudi oil attack in September. Currently, crude prices are trading at $59.36, up 18 cents from yesterday’s close […]
Crude is down in early trading this morning. News of deeper OPEC supply cuts seem to be offset by weak manufacturing data coming from the US. Crude is currently trading at $55.55, a loss of 41 cents. Fuel prices are down in line with crude. Diesel is trading at $1.8747, a loss of 1.1 cents. […]
