Amid expectations of a 3.5 million barrel decline, the surprising build in crude last week had led some analysts to question if OPEC cuts are actually impacting the market. We saw the market react to the large builds on diesel and gas all afternoon yesterday, but today it is trying to regain some ground.
Read MoreThis morning the market is trading down by approximately 1 cent on both gas and diesel, while WTI crude sits ever so slightly above the important $47 dollar threshold. Some wonder why the market isn’t feeling more downward pressure this morning, especially after learning that Qatar could be in cahoots with groups like ISIS and […]
Read MoreCrude oil got pummeled in early morning trading as comments by both President Trump and the head of Russian oil producer Rosneft may mean darker days ahead for crude prices.
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With Monday’s Memorial Day holiday, API statistics came out last night. APIs reported a large draw in crude of 8.67 million bbl, 750,000 coming from Cushing, Oklahoma. Gasoline had a draw of 1.7 million bbl and distillates had a small build of 124,000 bbl. Yesterday the market closed down across the board, WTI Crude down […]
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The market was trading down yesterday, after the long Memorial Day weekend. July WTI closed down $0.14 to $49.66/bbl, June HO closed down $0.0139 to $1.5494/gal, and June RBOB finished down $0.0037 to $1.6389/gal. Today is the last day of trading for the June contract. This morning there is continued weakness in the market; as […]
Read MoreWelcome back to the real world folks, our patriotic holiday may have come to a close, but our markets are still open and on the move. A few financial giants (Goldman Sachs, Bank of America and JP Morgan) just came out with fresh market forecasts, which could very well be the reason why the price […]
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Now that the OPEC decision is behind us, let’s change topics for a bit. The National Oceanic Atmospheric Administration (NOAA) is predicting a 70% chance of 11 to 17 named storms during this hurricane season. They estimate 5 to 9 will be hurricanes. Last year, Hurricane Matthew killed hundreds of people and caused $10 billion […]
Read MoreThis morning, we woke up to learn that OPEC agreed to extend production cuts through March of 2018. In order to wage the continued war against a stubborn market, it was clear cut that OPEC needed to continue its fight to level-out supply & demand. Since the beginning of the year, many analysts have identified […]
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The market was off early Tuesday morning because of President Trump’s proposal to sell half of the U.S. Strategic Petroleum Reserves (SPR) over the next ten years. That was soon outweighed by the bullish OPEC rhetoric and the realization that the budget proposal has no meaningful impact currently. The day ended with July WTI closing […]
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Yesterday oil prices settled at the highest prices in about a month, June HO up $0.0194 to $1.6021/gal, June RBOB up $0.0103 to $1.6626/gal, and WTI Crude up 40 cents to $50.73/bbl.
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