Oil prices were stronger today rising as the dollar slid. Meanwhile Hurricane Idalia is forecast to make landfall as a category 3. The storm will likely impact fuel distribution system and hit fuel consumption in the affected regions just ahead of Labor day. Adding to supply concerns, US rig count declined in august for the […]
Oil prices were higher today as China took steps to bolster is flagging economy. Investors remained worried however about the pace of growth and further US interest rate hikes. The focus today is on “China actions to support its economy, Tropical Storm Idalia heading for Florida and whether Brent can regain momentum on a break […]
Oil was higher today, trading up about 1% to a one week high and ULSD prices were strong. Diesel futures rallied 5%, near 7 months highs boosting the diesel crack spread. “The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance,” said Phil […]
Oil prices were higher today rebounding after the last few days in another volatile session. Falling refined product stocks in Europe and a drop in the 2-year U.S. treasury yields likely lifted oil prices, UBS analyst Giovanni Staunovo said, adding that volatility is likely to persist until investors get clarity on the U.S. Federal Reserve’s […]
Oil prices were lower today on a build in gasoline stocks and weak manufacturing data globally. Gasoline inventories climbed by 1.5MM/bbls compared with estimates of an 888K/bbl drop. Crude inventories fell by 6.1MM/bbls, higher than an expected 2.8MM/bbl drop. This data is a bit of a mixed bag especially as refiners continue to run at […]
Oil prices were lower today on continued nagging worries about Chinese demand. “Saudi and Russian output cuts have been largely negated by weakening crude demand from China that appeared to develop last month and is apt to continue through the rest of the summer,” said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, […]
Oil prices were lower today as Chinese demand expectations were tempered. “It seems that (China’s recovery) is not going to happen,” said John Kilduff, partner at Again Capital. “It’s doubtful they’re going to be buying. They bought a lot of crude for storage earlier in the year. They’re sitting on a lot of crude.” Chinas […]
Oil prices rose today but still closed down week over week, ending a streak the longest streak of week over week gains so far in 23. “Concerns for investors remain focused on the tension between slowing global growth and still-tight global supplies,” said Rob Haworth, senior portfolio manager at U.S. Bank Asset Management. “Prices are […]
Oil prices were higher today after falling for three straight sessions as the dollar weakened and Chinas central bank pledged to keep liquidity ample. China also made a rare draw into crude inventories dipping into storage for the first time in 33 months. In the states, US gasoline inventories are at their lowest level in […]
Oil prices were lower today despite a large drawdown of crude inventories. U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates, despite crude production rising to its highest since the coronavirus pandemic decimated fuel consumption, Energy Information Administration data showed on Wednesday. “This week’s draw […]