Yesterday, WTI crude closed down $1.18 to $47.66/bbl, RBOB closed down $0.0136 to $1.5136/gal, and HO finished down $0.0198 to $1.4680/gal. The WTI contract settled at a new six week low (see chart below). Weakness in the market was a result of news that Libya’s production is up to 760,000 barrels per day, which is […]
Read More
Over the past few months we’ve seen the market at its highest points as well as its lowest points. It has become apparent the market will only dip so low and only climb so high. Right now it’s at the low end and early this morning it looked as if it was going to start […]
Read More
Just a short time before Obama left office he banned any new oil and gas drilling on roughly 115 million acres in the Arctic and 3.8 million acres in the Atlantic, from the Chesapeake Bay into the New England region. Friday afternoon President Trump signed an executive order to cultivate new offshore drilling within the […]
Read More
A sell-off Thursday dropped WTI crude to its lowest level in a month, closing the day at $48.97. After spending the first three weeks of the month above $50, WTI finished below that mark every day this week. Refined products also took a hit yesterday, with HO finishing down almost three cents at $1.5072 and […]
Read MoreNYMEX futures are continuing to tumble this morning after the release of yesterday’s DOE reports. Crude drew 3.6 million bbls, more than double of what was expected. Crude prices have lingered in the high $40’s to mid $50’s per barrel and are projected to stay in the $40-65/bbl range for the next five years. Both […]
Read More
Yesterday the market was off all day and then had a small rally at close. June WTI closed up $0.33 to $49.56/bbl, May HO closed up $0.0025 to $1.5452/gal, and May RBOB finished up $0.0016 to $1.6230/gal. The market was off last night and continues to trade down this morning due to the bearish API […]
Read More
The energy complex is trading mildly lower as comments by Russia seem to make the bulls weary despite a strong two-day rally by global equity markets.
Read MoreEven though February and March felt like spring here in the Northeast, it’s not until June that “summer gas” (aka low RVP gasoline) becomes a requirement at gas stations in some areas of western PA. Here’s a quick reminder on what RVP is and why it matters.
Read More
We are trading decisively lower the day after the May WTI contract expired yesterday as the bulls are slashing their positions. The June contract was trading higher than May yesterday, but it wanted to close the gap today and then some. At first, it was gravitating toward the psychological $50 level, but now we’re under […]
Read MoreThe market fell yesterday afternoon after the split DOE statistics. Gasoline dropped to a three-week low after the steady rise in price. We saw draws across the board except in gasoline, which built 1.9 million barrels; crude drew 1 million barrels and distillate drew 1.9 million barrels. Crude runs rose 351,000 bpd, distillate fell 457,000 […]
Read More
