The oil complex is trading up today on the heels of the Dow Jones Industrial Average exceeding 20,000 yesterday-the first time this high water mark has ever been reached. WTI is currently trading up $1.18 to $53.93/bbl. Brent trades $1.29 higher to $56.37, as it continuously bounces off the $55 mark. This is happening despite […]
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Today the EIA reported crude inventories increased 2.8 million barrels, right in line with the 2.9mmbs expectation. Distillate built 0.1mmbs vs. the 2mmbs expectation and Cushing oil inventories fell 0.3mmbs vs. the 0.145mmbs consensus. Gasoline inventories stood out on the page for the second consecutive week. Stocks increased 6.8mmbs vs. the 4.85mmbs consensus. Production increased […]
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Oil prices are relatively stagnant today as the market tries to find some direction before the API statistics come out at 4:30 pm. The headlines in the oil industry today include lower production for OPEC and more drilling in the United States. Oil ministers from OPEC are making sure that everyone knows that they are […]
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The market is rallying ahead of the weekend when OPEC and non-OPEC oil producers are set to discuss how they will monitor compliance of production cuts. It’s funny that they need to have this meeting even though the production cuts were supposed to kick in almost three weeks ago. According to Platts, analysts are expecting […]
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We saw a sell off yesterday due to multiple factors going on in the market. For starters, the dollar strengthened yesterday. Typically, that will put downward pressure on oil prices. Other factors, according to oil brokerage PVM include “growing conviction that global oil inventories will not start falling in the first half of this year […]
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The market is continuing with downward pressure this morning, picking up where it left off after yesterday’s lower settle for refined products. While crude finished the session slightly higher, diesel and gas were off by $0.0028 and $.0113, respectively.
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Crude oil has been up this morning on WTI and so have products on the NYMEX. Why you ask? The dollar has been down and Saudi Arabia confirmed that they would continue to cut production as planned.
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The third Monday in January is the day in which we celebrate the life and achievements of the man whose activism in the Civil Rights Movement successfully changed both federal and state racial discrimination laws. As a reminder, because Martin Luther King Day is a federal holiday, there will be no NYMEX trading, no market […]
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“As the Saudis hint at even deeper reductions in February, assumptions are rife that its enthusiastic approach to output cuts is an admission that cheating is expected on the part of other producers. Or perhaps it is adopting a ’whatever it takes’ approach to ensure a healthier price environment,” according to Stephen Brennock of oil […]
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The DOE statistics may have been bearish yesterday, but other pieces of news seemed to steal thunder away from the data. The main event yesterday which aided a weakening dollar and a hike in oil prices, was President-elect Trumps’ speech (Keep in mind: there is often an inverse relationship between the dollar index and oil […]
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