Refined products pulled the oil patch decisively higher mid-Friday morning after news broke that Exxon’s 560,500 barrel per day Baytown, TX refinery had its 25,000 barrel per day hydrocracker shut down unexpectedly. The high demand to see the solar eclipse, Shell refinery shutdown yesterday and named Tropical Storm Harvey are also pulling us higher to […]

Oil markets were mixed on Friday as traders appear to wait for the next set of news headlines in order to find price direction. This comes after the wild swing yesterday when prices first appeared like they wanted to stay above $50, but the “algo” computers quickly sold it off amidst an array of bearish […]

The oil market traded mixed after the Wednesday morning DOE reported inventory statistics from last week. Crude oil drew 1.5 million barrels, gasoline stocks drew 2.5 million barrels, and distillate drew 0.2 million barrels. While this data was in line with expectations, refinery runs increased 1.1% to 95.4% of total capacity and U.S. production increased […]

The market continued to rally Friday as all eyes are on Venezuela’s President Nicolas Maduro this week. Maduro’s possible attempt at a power grab of the government may result in foreign sanctions, which could drastically reduce the country’s oil exports.

The oil patch traded broadly lower today on a forecast of increased month-to-month OPEC production and position squaring before Monday’s OPEC/non-OPEC meeting in St. Petersburg, Russia.

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.

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 […]

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 […]

Saudi Energy Minister Khalid al Falih said OPEC is in no hurry to deepen its current production cuts from current levels since its May 25th meeting. This strategy has not worked out for OPEC. August WTI has fallen over 16% since OPEC decided to prolong production cuts. Some analysts are saying that OPEC may soon […]

The oil patch traded as a mixed bag Tuesday as traders await Wednesday inventory data and a highly anticipated interest rate hike from the FOMC.