Oil prices edged lower today as both contracts were set to close down for the week. Oil seems to be in a wait and see mode as the market balances inventories, rising OPEC production, the global vaccine rollout, and other geopolitical issues

Oil prices were mostly flat today on the back of a large crude inventory drawdown but a big build in gasoline inventories.

“We’ve gotten to a point of somewhat equilibrium,” and the market “is in an in-between spot,” said Bill O’Grady, executive vice president at Confluence Investment Management in St. Louis. “To maintain gains, we’re going to have to see the economy pick up and energy demand continue to rise.

“The timing was not good,” said Bob Yawger, director of energy futures at Mizuho Securities. “It seemed like OPEC+ was going to roll the deal, but they didn’t and now it looks like they’re going to have to pay at least in the short term.”

Oil prices rallied today coming back from yesterday’s losses on preliminary news that OPEC+ would gradually lift production starting in May. According to Reuters, OPEC+

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.