The U.S Dollar Index was down this morning and to no surprise oil prices were seeing a slight uptick. This morning refined products (Gas, diesel) were up around a couple cents, but are starting to relax back towards last night’s settlement prices. What’s driving the market today you ask?
Read MoreActive Vs. Inactive Rigs in the Market
Based off of the past few weeks there seems to be a bit of a plateau in the U.S. drilling exploration. There were only two new rigs that came online this past week and with that the market is seeming to respond as the price per barrel ticks upwards to about $49 a barrel. Reuters […]
Read MoreLower for Longer
The oil market didn’t show much movement in yesterday’s settles on the heels of the Department of Energy weekly inventory report. As was mentioned in yesterday’s blog, crude fell by 7.6 million barrels with gas also falling 1.65 million barrels and distillates rising 3.13 million barrels. The settles reacted mildly with both crude and gas […]
Read MoreTraders Square Short Positions Before Wednesday Holiday Data
After starting the day in the red, the oil market is trading higher despite several banks lowering their oil price forecasts as traders square their positions ahead of tomorrow’s inventory data.
Read MoreProduction Increases Bring Bears Back
Last week I talked about how the oil rally we saw could have been a dead cat bounce. That cat is falling today as it appears production increases undermine stock draws. Despite the larger than expected crude oil inventory drawdown yesterday of 6.3 million barrels, the market is shrugging it off today with the bears […]
Read MoreMarket Rebounding on Bullish Inventory Stats
Prices are making their way back today after the significant drops yesterday. The market closed down across the board yesterday; August HO was down $0.0343 to $1.4785/gal, August RBOB closed down $0.0324 to $1.5024/gal and WTI Crude finished down $1.94 to $45.13/bbl.
Read MoreEight In A Row???
Oil prices are up this morning across all indices ahead of the July 4th Independence Day holiday tomorrow. June closed out this past Friday with its seventh consecutive up day and early indications are that we’re headed for an eighth straight up day. With the forward month now rolling to August, Friday closed with the […]
Read MoreDead Cat Bounce?
The oil patch traded moderately higher heading into the weekend before the holiday on Tuesday as we close out the quarter. This marks the 7th straight day of gains as it appears hedge funds and other bear market naysayers are putting long positions back onto the books. A flurry of bullish news has hit the […]
Read MoreWill the Market Go All the Way Up?
Gasoline and oil prices are still climbing today for the 6th consecutive day after the draws in inventory reported through the DOEs. Some of these draws likely were the result of decreased production due to Tropical Storm Cindy that hit the United States late last week. Cindy also has a hand in gasoline demand being […]
Read MoreWill Stats Bring It Right Back?
Oil prices are on the rise this morning, as traders make their moves in advance of API stats. The expectation is that crude oil and gasoline will show a decrease in inventories from last week. Distillates on the other hand are thought by some to be on the rise (Reuters).
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