Oil Falls as Coronavirus Cases Surpass 10 MN

Yesterday, WTI crude finished higher, buoyed by some recovery in energy demand. The market saw positive economic news coming out of China over the weekend, with industrial profits in May up 6% from a year earlier, representing the first increase in 2020. In the US, better than expected housing data helped to lift markets on […]

US Economy Officially in Recession

The National Bureau of Economic Research’s Business Cycle Dating Committee announced on Monday that the US officially entered a recession in February. The downturn, caused by the coronavirus pandemic, led economic activity to fall sharply.  This decline is the first since 2009, when the last recession ended, and marks the end of the longest expansion […]

Five Straight Days of Gains, Doubles Crude Price

On Tuesday, WTI Crude finished higher to close with five straight days of gains and nearly doubling in price to close at $24.56.  The market is giving back some of those gains in early trading this morning as traders teeter between optimism and pessimism based upon bearish API inventory news. Prices have been responding to […]

IMF Forecasts Largest Contraction Since Great Depression

On Tuesday, the IMF reported that global gross domestic product is forecast to shrink 3% this year.  This newest forecast, the first since the coronavirus’ effect began to take center stage, compares to the January forecast of a 3.3% expansion.  This contraction would mark the largest decline since the Great Depression and is far greater […]

Trump Threatens Oil Tariffs

Yesterday, crude followed equities higher to start the day, but then ended lower as did equities on general pessimistic coronavirus sentiment.  Crude is trading higher this morning on the hopes that OPEC+ will come to some supply cut agreement as they meet tomorrow.  Expectations are for the largest supply cut ever agreed to by the […]

Outbreak May Evolve into Pandemic

In Asia, Europe, and the Middle East hundreds of new cases of the coronavirus, COVID-19, have been reported.  The virus has been found in about 30 countries.  In the US, the Center for Disease Control warned of the inevitable outbreak of the virus.  The organization is preparing for “severe” disruptions to daily life in the […]

China Oil Demand Down 20%

Anonymous Chinese energy officials have hinted that Chinese oil demand is down by 3 million barrels per day currently – more than ten times original estimates from Goldman Sachs. If confirmed, this loss of 20% of China’s consumption would be the most severe global demand drop since the 2008-09 Great Recession, when oil prices fell […]

Libyan Oil Disruption has Minimal Price Impacts

Over the weekend, crude prices traded higher during the Asian morning session after the Libyan National Army closed the country’s eastern oil export terminals.  Libya’s National Oil Corporation declared a force majeure on Saturday, following the loss of 800 kbpd of exports, 2/3rds of Libya’s recent production; this was a political move ahead of the […]

Iran Assessing Response to Killing

Crude is down in early trading this morning.  Crude is currently trading at $62.60, a loss of 67 cents. Fuel prices are down.  Diesel is trading at $2.0136, a loss of 2.0 cents.  Gasoline is trading at $1.7232, a loss of 3.1 cents. Yesterday markets rose as the US warned of heightened threats to energy […]

Oil Hits 8-Month High after US Kills Iranian General

Yesterday, we said that 2020 will have a hard time living up to the geopolitical drama of last year. We may have spoken too soon. Oil prices are soaring higher this morning following a US military strike on Iranian General Qasem Soleimani in Iraq last night. Crude oil prices are up by more than $2/bbl […]

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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