Yes, there is an OPEC meeting next Thursday which is dominating the headlines. But, do you think this market could be overbought? Let’s talk about the fact that everyone seems to believe that Saudi Arabia and Russia want to extend current production cuts through March 2018, so don’t you think traders are now positioned for […]
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The market was down over 2 cents early this morning, made its way back to flat, and is now trading up across the board. Yesterday, front month HO closed up $0.0171 to $1.5335 and front month RBOB closed down $0.0016 to $1.6027.
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The rally on Monday from the rhetoric around Russia and Saudi Arabia agreeing to extend production cuts continued into Tuesday’s trading session with refined products slightly up all day. RBOB closed up $0.0089 to $1.6043/gal, HO closed up $0.0068 to $1.5164/gal, and WTI finished down $0.19 to $48.66/bbl. After the APIs were released yesterday afternoon […]
Read MoreThe world’s two largest crude oil exporters (Russia and Saudi Arabia) came to an agreement yesterday on the need to extend production cuts, in order to rebalance supply and lift prices.
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The weekend was filled with OPEC discussions, North Korean missile testing and continuing rig count expansion in the U.S. Let’s begin with the latest from OPEC. This weekend, OPEC and Russia finally had enough with oil prices and decided to throw out some decisive words to make the market jump. As of this morning, the […]
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As mentioned in yesterday’s blog, there was a large draw in crude yesterday and we are seeing the market react to it today. A disconnect between supply vs. output has developed and is shown in the chart below. Production is continuing to rise and crude inventories are falling suggesting that there is strong demand. Contracts […]
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Yesterday, oil prices were down again; WTI closed down $0.55 to $45.88/bbl, HO closed down $0.0135 to $1.4421/gal, and RBOB finished down $0.0283 to $1.4895/gal. The market responded to the EIA report that forecasts domestic output will average 9.31 million barrels per day in 2017 and climb to 9.96 million barrels per day in 2018. […]
Read MoreThis morning when I came into the office it looked like the oil market might continue climbing, but this was short-lived. As of 9:50 a.m., the market is down, with refined products down around 1 cent and WTI crude sitting slightly above $46 per barrel.
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Much is happening today in the oil industry and there is quite a bit to look at. Firstly U.S. stockpiles continue to be up 10 percent since the introduction of the OPEC cuts on January 1st. Although compliance within OPEC has been much better than in years past, oil drilling in the U.S. is still […]
Read MoreDespite weekly inventory stats showing a draw this week, the market continues to head downwards. Crude just broke through $47 this morning. Statistics may have shown a draw on crude, but there is still the overlying concern that the supply glut has not yet been defeated. It’s obvious that there is still a lot of […]
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