Delta Variant Causing Demand Decline?

Today marks the longest stretch of daily declines in oil prices since 2019 as concern continues to grow about global energy demand.  West Texas Intermediate (WTI) dropped for the seventh day this week leading to a weekly loss of 7.3%. Oil prices took a hit this month caused by speculation that the Federal Reserve will […]

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All Eyes on OPEC+

Now that the Ever Given has been dislodged from the Suez Canal, the oil market can look forward to the OPEC+ meeting on Thursday and the outlook for possible resurgences of COVID-19 to determine future price direction.

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Oil Prices Have Consolidated, Now What?

When news of how potentially devastating COVID-19 could be started spreading in February 2020, oil prices were at $53/barrel. This was prior to the OPEC+ price war between Russia and Saudi Arabia that occurred in March and resulted in Saudi Arabia drastically increasing oil production after Russia refused to reduce output. We all know that […]

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Steady Footing for Oil through US Election

The US election is a mere 3 weeks away and most experts agree that oil will remain on steady ground until after the election is decided. Covid-19, renewables, and consumer behaviors have brought crude to the brink several times since March. The US Shale industry has been forced to endure the worst market conditions in […]

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The Next OPEC + Discussion

During last week’s OPEC + meeting the group agreed to keep production cuts of 9.7 million barrels per day until the end of July.  This effort has helped bolster oil prices to levels of almost double the values in April. The prior OPEC + meeting brought forth the creation of a new advisory group, the […]

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Will the Oil Rally Lose its Luster?

As we near the end of May, we will put behind us one of the most bullish rallies for the WTI crude oil contract in history with crude jumping almost 75% this month alone. Of course, with WTI prices currently trading at $33.33/barrel, that’s not saying much, as it is widely perceived the breakeven price […]

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Market Rebound?

Nearly one month ago, U.S. oil futures hit a historic moment, dropping below zero for the first time. At that time traders were scrambling to pay buyers to take off crude futures, while month end rolls were looming. This morning, U.S. oil futures climbed roughly 9% to $32 a barrel, a price that would allow […]

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