The market took a big turn south yesterday due to continued strength of the U.S. dollar, and somewhat bearish statistics on the DOE report yesterday morning. The API report on Tuesday evening kick-started the downward momentum, showing a build in crude of nearly 1 million barrels, and a build of 3 million barrels on distillates. […]

Let’s recap the EIA report from yesterday morning: There was a reported build in crude inventories of 2.5 million barrels, gasoline built slightly by 36,000 barrels, and diesel built 122,000 barrels. The key driver of the build was the U.S. east coast inventory, which grew by 3.1 million barrels. The market was down over a […]

After seven days of consecutive gains, we finally saw some relief in the market yesterday as optimism regarding a possible OPEC production cut to support oil prices begins to dwindle. HO settled down $0.0332 to $1.4864, RBOB finished down $0.0287 to $1.4842, and September WTI crude lost $1.47 to $47.05, while October took over as […]

The beginning of August was filled with bearish news that was keeping the market on a downward trend. Builds in products and crude on the DOE and API reports, increased demand, and most importantly the global supply glut are keeping this market at levels similar to what we’ve seen over the last several months. Back […]

The market is beginning to fall-off after three consecutive daily gains, trading flat on refined products. Yesterday, September WTI crude finished to monthly highs, gaining $1.25 to $45.74/bbl, HO added $0.0413 to $1.4499, and RBOB settled up $0.0298 to $1.4007. The market is eagerly anticipating the release of today’s 4:30 p.m. API data and the […]

Talks between OPEC members to, once again, meet to discuss an oil production freeze influenced the market to move upward yesterday. Members of Ecuador, Kuwait, and Venezuela are pushing for coordination between OPEC and large non-OPEC members to manage oil production to the $50/bbl level. According to Qatar’s energy minister, an informal meeting is set […]

Playing off yesterday’s “Carry on You Wayward Market” we might say the market’s making a move to “The Land Down Under” today with crude, diesel down as of 11:00 AM EST. Crude is down $.75, diesel is down $.0200, and gas is slightly down $.0010. Another key driver of the falling market today could be […]

The market is continuing on the down-trend this morning, trading at a penny loss on refined products. Over the past two weeks, we’ve seen HO drop off by over 12.5 cents and RBOB fall by over 7 cents on supply glut concerns. Yesterday, HO settled down $0.0496 to $1.2579 and RBOB lost $0.0158 to $1.3036. September […]

Yesterday, oil prices hit 3-month lows with HO settling down $0.0342 to $1.3228, RBOB finishing down $0.0279 to $1.336, and September contract WTI crude losing $1.06 to $43.13. The fourth consecutive day of down trend in oil prices continues this morning on economic uncertainty, with refined products trading slightly negative on the NYMEX. Although interest […]