As of December 1st, the total number of cars in storage continued to decline for the fifth consecutive month to 428,544 cars, granted at a slower pace as car storage numbers begin to normalize.
Petroleum Daily Report 12-4-2020
Oil prices rose today, buoyed by hopes of a US stimulus deal which is gaining bipartisan momentum.
Petroleum Daily Report 12-3-2020
Oil prices edged up today on an OPEC+ deal and bullish jobs report. OPEC+ agreed to a modest output increase beginning
Petroleum Daily Report 12-2-2020
“News of the U.K. vaccine approval is what the oil market needed more than anything else to get demand up…the rest is largely just noise,”
Petroleum Daily Report 12-1-2020
Oil prices extended losses today for a second day as OPEC+ pushed its formal meeting to Thursday
Petroleum Daily Report 11-30-2020
The energy market is technically overbought and lower prices trigger funds to take profits. OPEC+ met today but deferred their decision on delaying output cuts until tomorrow
Petroleum Daily Report 11-27-2020
WTI ended the session today at $45.53 per barrel gaining roughly
8% for the week marking a fourth week of increase.
Petroleum Daily Report 11-25-2020
Oil prices ended higher today with many sources assuming that the main catalyst was the positive vaccine news despite the new round of lockdowns.
Petroleum Daily Report 11-24-2020
“It’s a total change of vibe,” said Robert Yawger, director of the futures division at Mizuho Securities USA. “Everything is much more positive now.”
Petroleum Daily Report 11-23-2020
“Another dose of favorable coronavirus vaccine news today has prompted a renewed upswing in the equities that has easily spilled into the oil space,”