What a move for crude prices in December. WTI prices have risen more than 16% this month to $53.67/bbl today on the heels of the OPEC/non-OPEC production cut deal which will begin in January. However, with prices in December ending sharply higher, many are wary that prices have the potential of falling in January once […]
Read More
Yesterday’s oil market saw its winning streak extend to seven days, the longest in four months, as crude prices finished the day up slightly to settle at $54.06 per barrel, its highest level in 17 months. RBOB also finished the session higher by $0.0218 to close at $1.6746 while HO was down slightly by $0.0001 […]
Read More
As some of us start our week today, trading is light throughout the entire oil complex, thanks to the corporate holiday yesterday. This is expected to continue throughout the week as many traders are out on vacation. This “light” trading means that we could see big swings in prices because there aren’t a lot of […]
Read More
Trading is light on the last trading day before Christmas weekend. Keep in mind the market settlement will be at 1:30 p.m. EST versus the normal 2:30 EST and will reopen Monday at 6:00 p.m. ET. So, effectively markets will be closed on Monday in observance of Christmas.
Read More
The API and the DOE reports really contradicted themselves once again. As you may recall from earlier this week, the API reported a 4.1 million barrel draw in crude and yet the DOE stats yesterday showed a 2.3 million barrel build. This build seemed unexpected considering refinery rates have risen due to a heavy influx […]
Read More
As we near the end of 2016, the bulls appear to have grabbed the market by the horns. Prices are close to the highs of the year as we edge closer to the January OPEC production cuts. We expect these high prices to be sustained into the holidays for other reasons as well.
Read MoreRegular readers of the Fuel Matters blog have probably just about had it with OPEC by now. A quick check shows over sixty OPEC references in this blog during the last two weeks alone. Understandable, certainly, given the recent surge in oil prices that showed just how relevant the cartel remains. But, really, we could […]
Read MoreWe have one more day to go before the OPEC/non-OPEC meeting tomorrow in Vienna, Austria. Initial reports and whispers still have not reached a consensus regarding if there will be an agreement by non-OPEC producers to cut 600,00bpd. OPEC’s secretary general says this non-OPEC cut is an absolute requirement in order for OPEC to cut […]
Read MoreThe oil market closed down across the board yesterday as all three major indexes reflected a bearish report from the Energy Information Administration, as well as increasing doubt over the impact of the OPEC/Russian production cuts. While crude inventories fell 2.4 million barrels, gasoline and distillate stocks increased by 3.4 million barrels and 2.5 million […]
Read More
The OPEC meeting has come and gone and the market has been up for a week straight, until today. With November now over, OPEC reported that production increased to 34.19 million barrels per day last month, which is close to 2 million barrels over the agreed-upon level set to begin in January. Don’t forget that […]
Read More
