What an incredible, roller-coaster of a week we’ve been on due to OPEC’s historic decision to cut production on Wednesday. Many market participants were skeptical of a deal being done, as evidenced by the rally we’ve been on for the past three days.
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The wait is over for the OPEC decision. Now the wait begins for actual OPEC action. Yesterday in Vienna, the oil ministers of OPEC came to an agreement, its first in eight years, to cut oil production by 1.2 million barrels per day. This will bring total output down to approximately 32.5 million barrels per […]
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Early reports from Bloomberg and Reuters have come in as the OPEC formal talks have ended. What is currently being reported is that OPEC will decrease production by nearly 1.2 million barrels per day, which will result in a total output of roughly 32.5 million barrels per day. Reuters states that this agreement will “mop […]
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Doubts surrounding the OPEC meeting tomorrow seem to be the main driver of today’s market. We are currently experiencing a strong fall off on all products: distillates are off over 5 cents, while RBOB is right around the same (11:20 a.m. EST). WTI is also selling off, getting closer to $35 per barrel once again.
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Trading will be thin today as the oil markets will be closing at 1:30 EST. However, this didn’t prevent the bears from showing up after the Thanksgiving holiday.
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Egypt’s Oil Minister, Tarek El Molla, is currently attending the International Arab Conference for Mineral Resources. He was invited by the Saudi Arabian oil minister Khalid al-Falih, to discuss suspended oil shipments.
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This winter’s start is eerily similar to last year: it has been unseasonably warm. This has been disastrous to the natural gas market and the effects will soon be felt by the heating oil industry as well.
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Oil markets had a significant rally yesterday, with crude oil closing up $2.49 to settle at $45.81 per barrel. Heating Oil and RBOB also finished higher, settling at $1.4439 and $1.3350, respectively. Yesterday’s rally was largely attributed to informal OPEC meetings that will take place later this week at an energy conference in Doha. Of […]
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OPEC is back at it again with renewed hopes of an agreement to cut production. Oil prices fell to three-month lows yesterday, which also added to today’s overall support on crude and refined products. As of 12:00 PM EST, heating oil is up $.0450, gasoline is up $.0400, and crude was at a low of […]
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First and foremost today and every day, to our Veterans – Thank You!
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