Category: Petroleum Daily

Oil prices continued to trade down today on a surprise build in crude inventories and Covid-19 concerns. US crude oil inventories rose by 3.6MM/bbls, vs a forecasted draw of -3MM/bbls.

Oil continued to trade down today on concerns over the Delta variant. China is having its worst surge since the first days of the pandemic and has responded in part by banning certain travel

This round of infections could potentially wipe out 5% of the short-term oil demand” and the continuing impact on consumption will depend on infection rates and the duration of the resurgence

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Oil prices rose today, buoyed by a bullish EIA report that showed a drop in inventories across the board

A rebound in implied demand for both gasoline and distillates, as well as lower refinery runs, has encouraged decent inventory draws for both

U.S. gasoline futures rose to their highest since October 2014 today, up almost 10% over the past six days, pushing crack spreads to the highest since May

Oil prices were mixed today but stayed mostly flat as risk appetite seems to be rising since last week’s sell off.

Oil prices were mostly flat today actually closing up slightly for the week despite Mondays rout. Both benchmarks haven’t had a positive week in 2-3 weeks. “The demand concerns proved to be exaggerated, which is why oil prices have since recovered.

Oil prices had another strong session today, shrugging off yesterday’s crude inventory build, rising cases of the Delta variant, and increased OPEC+ production