After 6 consecutive weeks of draws in crude inventories, with only one being less than a multimillion draw, the market was in the green early this morning. However, it now has fallen into the red and is steadily losing ground. U.S. crude inventories fell by 6.5 million barrels last week due to increased demand and […]
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There are crucial events taking place already this week and it is only Monday! Let’s start out this week by acknowledging the OPEC meeting currently taking place over the next two days. Oil futures edged downward this morning and the fickle state of OPEC compliance is the main driver. The stage is set in Abu […]
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The market has remained relatively flat early this morning, still trying to seek a direction after yesterday’s DOE stats. Yesterday, the market closed up $0.0175 to $1.6588 on front month Heating Oil, down $0.0165 to $1.6448 on front month RBOB, and up $0.43 to $49.59/bbl on WTI Crude.
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The oil market traded mixed after the Wednesday morning DOE reported inventory statistics from last week. Crude oil drew 1.5 million barrels, gasoline stocks drew 2.5 million barrels, and distillate drew 0.2 million barrels. While this data was in line with expectations, refinery runs increased 1.1% to 95.4% of total capacity and U.S. production increased […]
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The market has many different influences driving it to start the week. We are in position to see July turn out to be the strongest month for oil pricing thus far in 2017. There has been a lot of very bullish news recently including the threat of Venezuelan oil sector sanctions following their recent government […]
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The market continued to rally Friday as all eyes are on Venezuela’s President Nicolas Maduro this week. Maduro’s possible attempt at a power grab of the government may result in foreign sanctions, which could drastically reduce the country’s oil exports.
Read MorePetroleum product prices have been trading all over the board this morning trying to seek a direction. Currently the market is trading up trying to push through the next resistance levels. It is no surprise that price support is coming from the large draws in crude inventories over the past four weeks. Total draws inventory […]
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St. Petersburg, Russia is where the 4th OPEC-Non-OPEC Ministerial Monitoring Committee meeting is being held today. So far we have gotten a few glimpses into some of the idea’s they have to rebalance the market but nothing overly definitive as of yet. Let’s get into the details that have been released thus far to the […]
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The oil patch traded broadly lower today on a forecast of increased month-to-month OPEC production and position squaring before Monday’s OPEC/non-OPEC meeting in St. Petersburg, Russia.
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Oil prices are on the rise after the declines over the past few weeks with a lot of help from the very bullish DOE statistics. Crude oil prices are up 1.6% to a 6 week high. They are continuing to rise this morning and breaking through the next resistance levels. Crude prices are expected to […]
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