Oil prices were lower today finishing the week lower on declining Chinese demand. Data released last week showing that China’s total fuel oil imports, opens new tab dropped 11% in the first half of 2024 have raised concern about the wider demand outlook in China. “Yesterday’s better-than-expected U.S. GDP growth figures initially supported the crude […]

Oil prices were higher today on stronger than expected US economic data. The Commerce Department showed the US economy growing faster than expected in the 2nd quarter while inflation eased – boosting expectations for a Fed rate cut in September. “The U.S. GDP data implied the economy is humming along in a pretty nice rate,” […]

Oil prices were higher today supported by large declines in US crude and fuel inventories. Prices snapped a three day losing streak also buoyed in part by Canadian wildfires out west and potential supply risks. US crude inventories fell by 3.7MM/bbls compares to a forecasted draw of only 1.6MM/bbls. Gasoline stocks dropped by 5.6MM/bbls (vs […]

Oil prices were lower again today falling to six-week lows pushing both benchmarks into technically oversold territory. Diesel futures also settled to their lowest in six weeks with gasoline futures closing at their lowest in five weeks. “Ceasefire negotiations in the Middle East and an uncertain macroeconomic outlook in China are exerting downward pressure on […]

Oil prices are lower today as investors looked past Bidens presidential exit and focused on weaker demand and increased stockpiles. For now Kamala Harris looks to be the likely nominee. Energy policy will likely be a core debating point between Harris and Trump, but Citi analysts believe neither will promote policies that have an extreme […]

Oil prices dropped significantly on Friday, reaching their lowest levels since mid-June, as investors considered a potential ceasefire in Gaza and a stronger U.S. dollar. Brent crude fell by $2.48, or 2.9%, to $82.63 per barrel, while U.S. West Texas Intermediate crude decreased by $2.69, or 3.3%, to $80.13 per barrel. U.S. Secretary of State […]

Oil prices steadied on Thursday amid mixed signals regarding crude demand. Brent futures rose by 3 cents to settle at $85.11 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by 3 cents to $82.82 per barrel. Investors were torn between concerns about a U.S. economic slowdown and rising expectations that the Federal Reserve […]

Oil prices were higher today trading up after a bigger than expected weekly drop in US crude inventories. Crude inventories fell by 4.9MM/bbls, compared to a forecasted draw of just 30K/bbls. In U.S. refining news, the diesel and 321- crack spreads, which measure refining profit margins, fell to their lowest levels since December 2021 and […]

Oil prices were lower today for the third straight session on worries of a slowing Chinese economy crimping demand. “Weaker economic data continues to flow from China as continued government support programs have been disappointing, with many of China’s refineries cutting back on weaker fuel demand,” said Dennis Kissler, senior vice president of trading at […]

Oil prices were lower today easing down as worries about Chinese demand offset more supportive news. “Chinese data including refinery runs and crude imports are not supportive,” said UBS analyst Giovanni Staunovo. “But demand growth elsewhere is still healthy.” In the US, Federal Reserve Chair Jerome Powell said inflation readings for the second quarter do […]