Oil price volatility continues this week, with huge up-and-down movements for oil prices each day. Yesterday, oil prices once again plummeted, approaching Tuesday’s low closing level. Some of the volatility is driven by the Suez Canal blockage. There are ships on both sides trying to pass through, and a surprise tanker delivery (or a decision […]
EIA expects crude oil prices to rise through April because of lower OPEC production In its March Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $64 per barrel (b) in the second quarter of 2021 and then fall to less than $60/b through the end of […]
Let’s start off with the most important fundamental market news this week – Groundhog Day! Punxsutawney Phil saw his shadow, heralding six more weeks of winter weather. Of course, the creature only has a 39% accuracy rate – worse than flipping a coin! – so perhaps we ought to presume the opposite of his prediction […]
On Tuesday, WTI crude closed higher as the vaccine rollout continues and hopes for another round of economic stimulus in the US grows. The market is giving back some of those gain this morning even in the face of favorable inventory news from the API. The rally that the market has been on began in […]
Oil prices rise to near 1-year highs on vaccines, stimulus, and Saudi Arabian production cuts Oil prices rose on Wednesday to close to 1-year highs, as data hinted at stronger demand, while more stimulus and production cuts brightened the outlook. It is a remarkable turnaround for oil prices, after demand tanked during the first wave […]
Crude closed sharply lower on Monday as a new strain of COVID-19 was discovered in the United Kingdom. The new strain is more highly transmissible than current known strains of the virus. In response to the discovery, more than 40 countries have banned arrivals from the UK. The fear of the new strain of the […]
Another day, another new multi-month high as WTI crude continues its vaccine rally. The FDA is vetting Moderna’s vaccine and has found it to be highly effective, setting the stage for a second vaccine approval. Additionally, the US government has secured an additional 100 million doses of the Moderna vaccine – enough to treat 50 […]
WTI crude closed relatively flat yesterday even in the face of bearish inventory news reported by the EIA. A massive increase in crude stocks could not dampen the optimism generated by the beginning of the rollout of the coronavirus vaccine to the public. Crude is up in early trading this morning as vaccine optimism continues. […]
On Tuesday, WTI crude closed down slightly as US coronavirus cases topped 15 million. This bleak threshold was tempered by optimism in the market around the hope for vaccines’ success. Crude is up in early trading this morning as bearish inventory news is outweighed by news of the beginning of a mass vaccination program in […]
Two small Iraqi oil wells set ablaze in ‘terrorist attack’, ministry says Two wells in a small oilfield in northern Iraq were set ablaze by explosives in a “terrorist attack” on Wednesday but overall production from the field was not affected, the Oil Ministry and officials said Wednesday. Click here to read more from Reuters. […]
