Oil prices traded higher today settling at the highest level since October despite a jump in Crude inventories as investors remained concerned about supply disruptions. Crude inventories increased by 3.2MM/bbls last week versus a forecasted decline 1.5MM/bbls. “The EIA report went in the other direction on crude oil from what the API reported yesterday, so […]
Oil prices were higher today with Brent trading above $89 for the first time since October. Russia, among the top three global oil producers and one of the largest exporters of oil products, has been contending with Ukrainian attacks on oil refineries and has also attacked Ukrainian energy infrastructure. “The likelihood that continued restricted Russian […]
Oil prices were higher today trading up to 5 month highs. Expectations of economic growth in the US and China have been a catalyst. In China, manufacturing activity in March expanded for the first time in six months, according to an official factory survey. “Chinese oil demand is arguably the one missing factor outside of […]
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Oil prices rose today closing out the month higher on the prospect of OPEC+ continuing to keep production cuts in place. Speaking about yesterday’s jump in crude inventories “We … expect U.S. inventories to rise less than normal in reflection of a global oil market in a slight deficit,” SEB analyst Bjarne Schieldrop said. “This […]
Oil prices were lower today on a stronger dollar and surprise jump in crude inventories. Both contracts have been under selling pressure since hitting four month highs last week. US crude inventories rose by 3.2MM/bbls, versus a forecasted decline of 1.3MM/bbls. Gasoline inventories rose by 1.3MM/bbls versus an expected drop of 1.7MM/bbls. Gasoline demand meanwhile […]
Oil prices were slightly lower today as investors took a more mixed view toward the loss of Russian capacity. Russia’s government ordered companies to cut output in the second quarter to meet a 9 million barrels per day (bpd) target to comply with pledges to the OPEC+ consumer group. “Gasoline is seeing the support of […]
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Oil prices were down today and are slightly lower week over week on the possibility of a ceasefire in Gaza. “Everyone is watching for what the weekend will bring with Gaza,” said John Kilduff, partner with Again Capital LLC, adding that successful peace talks would prompt Yemen’s Houthi rebels to allow oil tankers to pass […]
Oil prices settled lower on Thursday pressured by weakening gasoline demand. Though gasoline inventories fell last week for a seventh week, gasoline product supplied, a proxy for product demand, slipped below 9 million barrels. The fall suggested that gasoline markets, which had underpinned a recent market rally, may have been overbought, according to Bob Yawger, […]