Category: Petroleum Daily

Oil surged again today on a five day win streak. Particularly gasoline demand seems to be improving as noted by a multiple companies over the last few days as well as increased traffic.

“Demand growth in China is good for the energy market right now, it is pretty much the only game in town” said Bob Yawger, director of energy futures at Mizuho.

Oil jumped today snapping a three week losing streak as OPEC production cuts are set to take effect today.

It appears for now that the US crude glut is not growing as quickly as many had feared. Still, prices remain down sharply year to date.

Optimism that economies will open ahead of schedule rose with the prospect of Gilead’s drug trials yielding positive results.

Oil started the morning down 25%, quickly reversing losses and going positive, before trading down to close the session.

Oil prices plunged again today on rapidly filling storage all across the world. Diamond Offshore Drilling became the next company to file for bankruptcy

Oil ended the volatile week lower, trading slightly higher for the day
as Canadian and US producers continue to cut rig count.

Crude oil prices had another strong day in the market today with the last two days amounting to a 40% rally in the prompt month WTI contract.

Crude prices rallied today in a sign of increased market stabilization as some production is shuttered and inventories swell.