Week in Review – August 7, 2020

WTI Crude finished the week higher amid a large crude draw mid-week and falling rig counts. Higher refinery utilization helped WTI crude stocks fall this week, but demand for products could not soak up all the excess production as distillates and gasoline inventories increased. Rig counts have fallen 67% from March highs to 263 active […]

Stimulus and Fed Meeting Will Dictate Week’s Trading

Oil markets are seeing light activity this morning following Friday’s news of the first weekly increase in US oil rig counts since March. The US economy is in focus for oil markets today, as two major releases are expected this week. First, Senate Republicans today will unveil their latest economic stimulus package, which most expect […]

Week in Review – July 10, 2020

WTI Crude finished the week lower after cruising to mid-week relatively flat. Demand concerns early in the week were offset by the EIA increasing the 2021 crude demand forecast by 10% which helped lift markets on Wednesday.  While some headlines pointed toward rising prices, the market fell to close the week on mixed inventory news, […]

EIA Raises 2021 Crude Forecast 10%

The EIA published its monthly Short-Term Energy Outlook yesterday, and the news is helping to keep prices from sliding amid higher COVID-19 cases. The US yesterday posted another record-breaking day for infections, reporting roughly 60,000 new cases throughout the country. With some states reversing reopening, many fear a return to low regional demand in some […]

Mid-Week Review – May 6, 2020

Oil Resumes Rally with Prices Doubling Over Last Five Days Futures in New York rose above $25 a barrel after earlier breaking above their 50-day moving average for the first time since January. Russian oil production was down 16% in the first five days of May, Interfax reported, while Plains All American Pipeline LP sees […]

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 […]

Today’s Market Trend

WTI crude prices have just crashed below $48/b. Prices remained stable in the $48.00-$48.50/b range through yesterday and overnight. This morning, they weakened to the low end of this range this morning, and they broke through $48/b just at the time of this newsletter. WTI opened at $48.45/b today, identical to yesterday’s opening. Current prices […]

Average crude oil prices forecast to rise as markets move toward balance

Source: EIA Short-Term Energy Outlook The U.S. Energy Information Administration’s (EIA) January Short-Term Energy Outlook (STEO) forecasts benchmark North Sea Brent and West Texas Intermediate (WTI) to average $53 per barrel (b) and $52/b, respectively, in 2017, close to their levels during the last three weeks of 2016. Average forecast prices rise to $56/b and […]

Crude oil prices increased in 2016, still below 2015 averages

Source: Energy Information Administration. Principal contributor: Matthew French Crude oil prices ended the year above $50 per barrel (b). Although the annual average West Texas Intermediate (WTI) crude oil price in 2016 was $43/b—down $5/b from 2015—the WTI price ended 2016 at $53/b, $16/b higher than at the end of 2015. Similarly, Brent ended the […]

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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