Category: Petroleum Daily

Oil prices had their best day since June after a mostly bullish EIA report and Hurricane Sally’s impact taking roughly 500K/bpd of production offline.

Oil prices rose for the day on the back of hurricane Sally’s expected landfall in the Gulf.

Crude oil prices continued their decline as yet another storm brews in the Gulf. “The storm is taking production offline in the Gulf of Mexico, and the market doesn’t care – that shows just how bad the situation is,”

Oil prices came back off today as there was a surprise build in inventories. Crude oil inventories increased by 2mm/bbls, compared to a forcasted draw of 1.3MM/bbls.

Oil prices collapsed today hitting their lowest levels since June as demand concerns persist. Saudi Arabia announced an October price cut for Asia and North America, effectively taking WTI off the market for Asian buyers.

Prices were pressured by extended declines in the U.S. equities market and by a report showing U.S. job growth slowed further in August as financial assistance from the government ran out.

Crude oil prices came off today to one month lows amongst a selloff of risk assets across most financial markets. Prices are on track for their biggest drop since mid June as the dollar also continues to strengthen.

Crude stocks were drawn down by 9.36 MM/bbls, almost all of that attributed to the Gulf region where most production was shut

Oil prices rose today, reversing overnight losses as better-than-expected U.S. manufacturing activity data and a bullish equity market helped prices

Oil prices traded down today as cleanup from the storm continues. A weak dollar has supported oil prices even though crude and fuel demand has struggled to recover amid the pandemic.