With the market continuing its downtrend this morning we can look a little deeper into some of the underlying components that are going into it. As discussed in yesterday’s blog there is speculation that the global oil demand could be much weaker than anticipated. Oilprice.com has reported “The IEA lowered its demand forecast by 50,000 […]
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November is shaping up to be a cold month. Today was the coldest we’ve seen thus far this winter, and it looks like a second punch of brisk cold and potentially stormy weather will hit just prior to the Thanksgiving holiday. AccuWeather reports that a displacement of the polar vortex is possible in the Northeast […]
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A major “Anti-Corruption” shakedown is taking place within the hierarchy of the Saudi’s. A chief market strategist at FXTM has been reported saying “There’s no doubt that OPEC and co. have been a major influencer of the most recent rally, but oil traders have a new political risk to consider, in the coming days and […]
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It’s hard to believe that it was just over a month ago that Hurricane Harvey’s devastating effects resulted in widespread shutdowns to key Gulf Coast refineries and energy infrastructure. Yet, while some of the country experienced gas shortages, Pennsylvania did not.
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The oil markets are trending much in the same manner this morning as yesterday’s settles. At yesterday’s close, WTI finished down $0.08 at $54.30/bbl, while heating oil and RBOB finished mixed to close at $1.8625/gal and $1.7410/gal respectively. Yesterday’s activity was on the heels of the American Petroleum Institute data from Tuesday afternoon followed by […]
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What do you get when you have an overwhelming amount of rhetoric coming from OPEC using all the key buzzwords like “rebalance, stabilize, and compliance”….TADA…You get Brent crude oil prices rallying above $60 a barrel AND nearing its highest level since mid-2015. Today’s headlines circled around Russia and Saudi Arabia’s continued dialogue over the weekend […]
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We start out this week with an update in the Middle East. Currently volume out of the northern region of Iraq is beginning to normalize after tensions arose, yet again, between the recently voted independent Kurds and the Iraqi forces. The oil field that the Iraqi forces had to stabilize in the Kurdish Barsa region […]
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Initially lower, oil prices are now up on the day as traders look to square positions heading into the weekend after the down day yesterday. The market was lower at first light with news that Iraqi security forces took back a key oil region held by the Kurds, but was squeezed higher as the morning […]
Read MoreThe market was relatively quiet yesterday closing down $0.0070 to $1.8028/gal on November HO and closing up $0.0128/gal on November RBOB to $1.6429/gal. Much to everyone’s surprise, crude inventories fell for the 4th consecutive week yesterday by 5.7 million barrels. Analysts feel that the inventory draw and decrease in production were skewed by the effects […]
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On September 25th the Kurdish Regional Government (KRG) voted for their independence and ever since there has been uncertainty in the region. The stability of the Middle East is called into question yet again to start the trading week. Tensions were escalating quickly in the city of Kirkuk as Iraqi forces entered the city and […]
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