“There’s a lid on this market to the extent that COVID-19 keeps rearing its ugly head in different spots,” said John Kilduff, Partner at Again Capital.

The four-week average gasoline demand was down 9% year over year for last week.“Prices remain vulnerable despite the fact that they have settled as the week has progressed,”

Oil prices rose today as crude, gasoline, and distillate inventories all fell last week according to today’s EIA report. US crude inventories fell by -1.64 MM/bbls, slightly less than the forecast of a -2.07MM/bbl draw.

As any new restrictions will likely be more localized, the oil demand recovery should still continue, although at a slower pace with the easiest demand gains behind us

Oil prices continued their rise today as energy companies return crews to offshore platforms in the Gulf. Prices reversed earlier losses turning positive for the day as Saudi Arabia forcefully cracks down on OPEC+ member countries that failed to comply with their planned cuts.

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.