Trump States US-China Trade Deal “Fully Intact”

Yesterday, WTI crude was up 2% on tighter crude supplies from major producers. In addition, coronavirus lockdowns kept easing despite a record rise in cases globally. WTI settled at $40.73/bbl, rising 90 cents (2.2%). Crude prices are up in early trading this morning as White House officials clarified a previously confusing statement saying that the […]

Trump Escalates Tensions with Iran

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 […]

Trump Pledges Support for Oil Industry

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 […]

Crude Drops to 18-Year Low

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 […]

Mid-Week Review – April 8, 2020

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 […]

Crude Sets One-Day Price Rise Record

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 […]

Trump Says End of Oil Price War in Sight

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 […]

Trump and Putin Agree to Talks on Stabilizing Energy Markets

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 […]

Mid-Week Review – February 26, 2020

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 […]

“Getting VERY close to a BIG DEAL with China”

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 […]

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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