“Remember the hours after September 11th when we came together as one to answer the attack against our homeland. We drew strength when our firefighters ran upstairs and risked their lives so that others might live; when rescuers rushed into smoke and fire at the Pentagon; when the men and women of Flight 93 sacrificed […]
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Oil traded lower today as traders braced for a weakening in demand next week after Irma’s projected path through the southeast will drastically reduce economic activity.
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One may be growing tired of hearing about hurricanes these past few weeks, but Irma’s potential to destroy parts of Florida isn’t something you can ignore. Category 5 Hurricane Irma is set to hit Florida directly on Saturday. Monroe County’s 80,000 residents, part of the Florida Keys, were ordered to evacuate on Wednesday morning. Irma […]
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I think we’ve all heard enough about Harvey for the moment, so let’s put into perspective what the next two weeks may hold.
Read MoreThe market closed up across that board yesterday. September Heating Oil settled up $0.0332 to $1.6244/gal, September RBOB settled up $0.0281 to $1.6189/gal, and WTI Crude settled up $0.77 to $48.41/bbl. Distillates were trading up early this morning, but have softened since and are now trading lower. As for the gasoline side, the front month […]
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Refined products pulled the oil patch decisively higher mid-Friday morning after news broke that Exxon’s 560,500 barrel per day Baytown, TX refinery had its 25,000 barrel per day hydrocracker shut down unexpectedly. The high demand to see the solar eclipse, Shell refinery shutdown yesterday and named Tropical Storm Harvey are also pulling us higher to […]
Read MoreSeven weeks of large crude draws, still, has not been enough to push the energy markets up. We saw almost a 9 million barrel drop in crude inventories reported yesterday from the DOE, but U.S production is pushing right back generating the highest amount of output in more than two years. The market was down […]
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The oil market fell sharply on Monday closing at three week lows as continued rising crude output from OPEC members and U.S. shale oil producers continue to be the prevalent theme. September crude settled down $1.23 to close at $47.59 / barrel while heating oil and RBOB also closed down substantially finishing the session at […]
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The market, yet again, is in flux on what to do, given all of fundamental factors playing into it. Let’s start out by taking a look at China. Given China’s status as the number two consumer of oil products, it is very pivotal news that they had processed roughly 500,000 barrels per day LESS in […]
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Oil markets were mixed on Friday as traders appear to wait for the next set of news headlines in order to find price direction. This comes after the wild swing yesterday when prices first appeared like they wanted to stay above $50, but the “algo” computers quickly sold it off amidst an array of bearish […]
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