Category: Petroleum Daily

Oil prices were mixed today, trading down earlier in the session and trading up before the close. US commercial crude inventories had a draw of 876K/bbls, a little larger than the forecasted draw of -568K/bbls

Oil prices slid today as the Suez Canal reopened to traffic. The backlog is now currently 422 ships, which could be cleared in 3 and ½ days. All eyes turned to the OPEC+ meeting scheduled for later this week with both major players (Russia, Saudi Arabia) expected to support extending cuts through May. JP Morgan […]

Oil prices were higher today as the logjam in the Suez Canal continued. The stranded ship, the Ever Given, was broken

Oil prices traded up today on concerns it could take weeks to clear the giant container ship blocking the Suez Canal. Of the 39.2 MM/bpd of total seaborne crude in 2020,

Oil prices rebounded today on news of a ship running aground in the Suez Canal.

Oil prices continued to tumble as Fed Chair Powell and Treasury Sec Yellen testified today. The two admitted that “valuations are high” in “pockets of the market” but stopped short of saying there were any major problems

Nearly a third of French people entered a month-long lockdown on Saturday while Germany plans to extend its lockdown into a fifth month,

A sharp rise in the value of the dollar after yesterday’s U.S. Federal Reserve meeting is also contributing to the oil sell-off.

Oil prices slipped for a fourth consecutive day on rising crude inventories and weak product demand. Crude inventories rose by 2.4MM/bbls, vs a forecasted decline of 1MM/bbls. Crude inventories have now risen for four straight weeks with issues stemming from the freeze last month

There will be no commentary today.