The oil complex is trading moderately higher today, but is facing potential dollar index headwinds as a result of the U.K. election yesterday and the FOMC, Federal Open Market Committee, meeting next week.
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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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 […]
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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 […]
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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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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 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 […]
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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. […]
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Yesterday, WTI crude closed down $1.18 to $47.66/bbl, RBOB closed down $0.0136 to $1.5136/gal, and HO finished down $0.0198 to $1.4680/gal. The WTI contract settled at a new six week low (see chart below). Weakness in the market was a result of news that Libya’s production is up to 760,000 barrels per day, which is […]
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Yesterday the market was off all day and then had a small rally at close. June WTI closed up $0.33 to $49.56/bbl, May HO closed up $0.0025 to $1.5452/gal, and May RBOB finished up $0.0016 to $1.6230/gal. The market was off last night and continues to trade down this morning due to the bearish API […]
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