Ineos may have just put solid resistance in oil prices. The pipeline operator said yesterday it is expected to complete repairs at the end of this month on the Forties pipeline in the North Sea. It will begin a gradual restart to the 450,000 barrel per day crude oil pipeline and return it to normal […]
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As last minute shoppers scramble to find that awe inspiring gift for that special someone on their “nice list”, Kris Kringle appears to deliver a tight $2 range bound market for crude bulls till the end of the year. As of 12pm EST, WTI for January delivery is up $0.25 at $57.41, HO is up […]
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Refined products trade higher today as cold weather is forecasted to return, Nigerian oil workers strike, concerns linger about the Forties pipeline force majeure, and the U.S. oil rig count dropped.
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The market is trying to find direction today after yesterday’s steep sell off in refined products caused by the DOE inventory and IEA reports; however the Forties pipeline force majeure leaves short-term price direction unclear for WTI.
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The big story this week is North Sea Forties Pipeline System halt for maintenance. The pipeline supplies 40% of UK crude supply and supported the Brent/WTI price spread.
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OPEC and non-OPEC members seem to be all on the same page about an exit strategy for the global production cuts come June of 2018. The only issue that has risen is that OPEC/non-OPEC members believe that it should not be discussed until the data is analyzed in the market. Alexander Novak, Russia’s Energy Minister, […]
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Yesterday, WTI closed up $.015/bbl to $57.62, HO closed up $0.0194/gal to $1.9139, and RBOB finished up $0.0262/gal to $1.7184. After the release of the API statistics last night, those gains came right back off. The APIs reported a crude inventory draw of 5.5 million barrels and 2.0 million of that draw was in Cushing, […]
Read MoreWhile temperatures are going to remain above average for another week, we’re going to get hit with an “arctic blast” December 8th that could last until Christmas. From an operational perspective, truck fleets’ operability is at risk if their fuel is not additized before the cold weather approaches. From a market perspective, with distillate inventories […]
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The oil market is anxiously awaiting news from Vienna, Austria regarding OPEC / Non-OPEC oil cut extensions, the Energy Information Association released its weekly data yesterday. After digesting the numbers, the market settles down in refined products as well as crude. RBOB saw a drop of over four cents closing at $1.7309 / gallon, while […]
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