The sell-off began when the Russian Energy minister said a lot of progress was made on Iran re-entering the nuclear deal, a move that add a lot of bbls to the market. Then speculative investments collapsed today, weeding out speculators in a broad range of asset classes from lumber to cryptocurrencies.
Oil prices came off today, trading down despite good news on economic re-openings. “Economies are again switching a gear higher
Oil prices continued to climb today, buoyed by the rolling back of Covid restrictions in Europe and parts of the US. US air travel is picking up, with Sunday having the most air passengers since last March.
Oil prices gained today, reversing yesterday’s losses as financial markets strengthened. Global equities rose and the dollar slipped on Friday after Fed officials said there would be no immediate moves to tighten monetary policy. Oil markets have come under pressure this week from coronavirus cases in India as well as worries that the new variant first detected there is spreading to other countries
The oil complex is seeing a double whammy this morning from the reported restart of the Colonial pipeline and a major reduction in risk appetite that is spinning off an escalation of inflation worries that has spurred the plunge in the stock market,
The export (drop) is the bullish element keeping trade propped up,” Tony Headrick, energy market analyst at CHS Hedging, said, noting the crude stock “drawdown combined with the lack of exports is good sign
Oil prices were mostly flat today, initially trading down earlier in the session but trading back up later in the day. All eyes are on the Colonial Pipeline and its efforts to restart
Oil prices traded up today with Brent settling at $68.28 and WTI settling at $64.9 both up 19 cents. The recovery in oil demand has been uneven due to the surging COVID-19 cases in India reducing fuel consumption in the world’s third-largest importer and consumer of oil. “Brent came within a whisker of breaking past […]
One challenge manufacturers will have to contend with is the rising costs of inputs, namely Steel, which Cowen and Company estimates has put a 15%-25% premium on newly built equipment.
“The record numbers of new infections in India have been making the headlines and fueling fears that demand may recover more slowly,