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.

With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead,

The decision by major producers to cut production along with optimism over demand has allowed crude pricing to stay near $70 per barrel.

Crude oil prices brushed off bearish inventory reports from the EIA with prices settling higher. Brent settled up $1.73 to $69.63 while WTI gained $1.58 to settle at $66.02. US fuel consumption increased 10% last week from the prior week and shows signs of continued increase. “Refined products and particularly gasoline has been leading the […]

Gasoline stocks fell… (which) provided the bullish offset and eventually sent oil prices higher on the strong demand for end products, hence an economic recovery

Oil prices fell today after a choppy session, coming off yesterday’s post-pandemic highs following an attack on Saudi crude production assets. Market sentiment is turning more cautious as analysts and investment banks are expecting some correction from these levels.