Oil prices were lower today as the market weighed todays Fed decision. The Federal Reserve decided to hold interest rates unchanged, as expected. Policy makers indicated they still expect to reduce them by 750 bps for the end of 2024 but Powell was Dovish in his press conference sending equities higher. Crude inventories fell more […]
Oil prices rose today to multi month highs for the second straight session. Traders are assessing how Ukraine’s recent attacks on Russian refineries would affect global petroleum supplies. Ukraine has stepped up attacks on Russian oil infrastructure this year, with at least seven refineries targeted by drones just this month. The attacks have shut down […]
Oil prices were higher today trading up to four month highs on lower crude exports from some OPEC countries. Both contracts closed at their highest price since late October while gasoline futures closed at their highest since August. In Russia, meanwhile, Ukrainian attacks on energy infrastructure have idled around 7% of refining capacity in the […]
On Mobile? Click here to download the PDF
Oil prices fell today after topping $85/bbl for the first time since November. “Supplies are tightening” for motor fuels, said Phil Flynn, analyst at Price Futures Group. “Prices are at risk to go higher.” But “there are worries the U.S. Federal Reserve won’t be able to cut interest rates” because inflation remains above the central […]
Oil prices were higher today settling at four month highs as the IEA predicted a tighter market in 2024. The IEA raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping but warned that “the global economic slowdown acts as an additional headwind to […]
Oil prices rose today to four month highs on a surprise draw in crude inventories and gasoline stocks. Crude stocks fell by 1.5MM/bbls last week, larger than the 1.3MM/bbls forcasted. Gasoline inventories fell by 5.7MM/bbls sending futures prices to their highest price since September 2023. “Gasoline is driving us today. There is growing concerns about […]
Oil prices were slightly lower today on bearish economic data. U.S. consumer prices increased solidly in February, the U.S. Bureau of Labor Statistics said, pinning nagging inflation largely on higher costs for gasoline and shelter. “This does show a second month of an increase,” said Tim Snyder, an economist at Matador Economics, noting the numbers […]
Oil prices were mostly flat for the day in a relatively quiet session. Both benchmarks ended last week lower after bearish Chinese data implied weaker demand in the world’s leading crude importer. At the same time, oil investors seemed to overlook geopolitical conflict that was initially seen as tightening global crude supplies. “It seems that […]
On Mobile? Click here to download the PDF