This morning Citigroup Inc. is making a bullish guess for where it thinks prices are headed next, giving support to the ideology which says crude will be near $65 dollars by Q4. The market settled at an 11-day low for oil prices yesterday, but Citigroup is cautioning that this dip in prices is only temporary.
Read MoreMarkets were a bit uneasy this weekend, and one of the larger factors was the failed ballistic missile launch conducted by North Korea early Sunday morning. Although the launch failed almost immediately, the tension in the region has definitely escalated. VP Mike Pence, visiting South Korea, stated, “Just in the past two weeks, the world […]
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Yesterday the market stayed relatively quiet as we approach the holiday weekend. May HO closed up $0.0014 to $1.6520/gal, May RBOB closed down $0.0160 to $1.7417/gal, and WTI Crude closed down $0.29 to $53.11/bbl. It seems we are also in store for another calm day today with the market currently trading slightly down across the […]
Read MoreMost of us are aware that there has been recent tension between Russia and the United States. Although, many of us do not realize that Russia is coming close to owning a majority share in one of the United States largest oil companies (Citgo). Citgo Petroleum Corporation is a large American refiner, transporter and marketer […]
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The oil market appears to be in a risk premium mode as we trade higher Monday. The Syrian situation continues to keep sellers on edge as they await if there is increased turmoil. And now yesterday, the Sharara oil field in Libya was once again shutdown after a group impeded pipeline shipments.
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Oil markets went for a ride over the past 24 hours after President Trump authorized a missile strike at a Syrian airfield in retaliation to a gas attack earlier this week that Syria launched against its civilians. May WTI shot up $1.24/bbl last night on light liquidity after the news broke around 8pm EST. Oil […]
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Over the past week and a half we have been seeing how strong the market is as it continued to trade higher 8 of the 9 prior trading days. Yesterday, May HO closed up $0.0112 to $1.6035/gal, May RBOB closed down $0.0064 to $1.7153/gal, and WTI Crude closed up $0.12 to $51.15 per barrel.
Read MoreThe market is mixed this morning as today’s DOE stats get digested on the heels of yesterday’s API report. Currently, heating oil is up approximately $0.0050/gallon while RBOB is in the red, down over $0.01/gallon. Yesterday saw crude settle up $0.79 to close at $51.03 per barrel while heating oil and RBOB also both settled […]
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Oil prices are up this morning ahead of the American Petroleum Institute’s 4:30 p.m. report today. Some traders are adjusting their positions today as they prepare for the statistics to reflect a draw in U.S. crude inventories. Despite Libyan output seeing a recovery, the market seems to be more concerned about whether crude inventories are […]
Read MoreThe month of May cannot come soon enough. There has been much speculation as to what the fate of this OPEC deal is to be, but more and more members of the cartel are voicing support for further cuts. Iraq has been the most recent OPEC member to voice its compliance and support for the […]
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