Category: Petroleum Daily

Oil prices were higher today buoyed by optimism of tighter supply and a weaker dollar.

Oil prices were higher today on expectations of a lessening of Chinas strict Covid policy

Oil prices were mixed today after both contracts initially traded lower.

Oil prices fell today in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. China reported a record number of Covid-19 cases today, stoking demand fears. “Because there’s light volume after the holiday, we’re giving up some of the gains here a […]

Oil prices sank today, continuing a streak of volatile trading as a big build in gasoline inventories surprised markets. Gasoline stocks rose by 3.1MM/bbls, but were only forecasted to have a build of 383K. “The build-in gasoline is kind of a shock,” said Phil Flynn, an analyst at Price Futures Group. “The increase in gasoline […]

Oil prices rose today after Saudi Arabia said OPEC+ was sticking with output cuts as planned. Prices pared gains later in the session as Bloomberg reported the EU watered down sanctions for a price cap on Russian oil. They are also delaying its full implementation and softening key shipping provisions. “The price cap is turning […]

Prices were volatile today as early reports from the WSJ indicated OPEC+ was planning an output hike of 500K/bbls. Initial trading led prices to 10-month lows, down more than $5/bbl. Saudi Arabia quickly came out and denied the report which led to prices decreasing later in the session Releasing more oil amid weak Chinese fuel […]

Oil prices tanked today with mounting Covid cases in China and fears of aggressive rate hikes in the US

China reported rising daily covid infections and Chinese refiners have asked to reduce Saudi crude volume in December

Oil prices traded down today after shipments to Hungary restarted via the Druzhba pipeline